GEM Mining Releases Bitcoin Mining Update For May

The mining institution accrued full miners and hash rate, but expanding trouble and a little mean BTC terms drove metrics down for the period of May.

• GEM Mining released accumulation updates for the period of whitethorn showing a 25% alteration successful revenue.
• The institution accrued its full bitcoin miners and hash rate, nevertheless the accrued trouble of mining and little mean BTC inevitably made the difference.
• Year-to-date, GEM Mining has produced 1,160 BTC valued adjacent $34.8 million.

GEM Mining, a privately owned, South Carolina-based bitcoin mining company, conscionable released its bitcoin accumulation update for the period of May 25% alteration successful month-over-month revenue, according to a press release.

The mining institution produced 239 BTC valued astatine $7.1 cardinal astatine property time, which was a 2.3% alteration from the erstwhile month. Year-over-year (YoY) however, this is simply a 1,206% summation from the 18.3 BTC produced during past May.

With a mining fleet of implicit 19,000, which was a 1.4% summation from the erstwhile month, GEM mined an mean of 7.7 BTC per day, oregon $231,000. However, the mining fleet summation did not successfully thrust the bottommost line, arsenic the institution had a higher mean of 8.1 BTC ($243,000) successful April.

The summation successful the quantity of miners did negociate to summation the hash complaint from April’s 1.88 exahash per 2nd (EH/s) to 1.92 EH/s by the closing of May. However, the expanding trouble of mining bitcoin paired with a little mean terms of BTC done the period of whitethorn not lone led to the antecedently mentioned driblet successful regular BTC mined, but besides a ample gross decrease.

The institution reported $7.57 cardinal successful gross for May, which notes a 25.4% alteration successful gross from the erstwhile month’s $10.15 million. John Warren, CEO of GEM Mining, addressed May’s show successful the merchandise stating:

“Even with immoderate of the marketplace fluctuation seen successful May, we stay good positioned to proceed to efficiently excavation BTC.We volition proceed to deploy our miner fleet arsenic good arsenic prosecute further maturation opportunities.”

GEM’s full accumulation this twelvemonth is 1,160 BTC, valued astatine $34.8 million.