Gem Mining Releases Bitcoin Mining Update For May

  • GEM Mining launched manufacturing updates for the month of could displaying a 25% lower in income.
  • The corporate elevated its complete bitcoin miners and hash price, nevertheless the elevated problem of mining and decrease common BTC inevitably made the distinction.
  • Yr-to-date, GEM Mining has produced 1,160 BTC valued close to $34.8 million.

GEM Mining, a privately owned, South Carolina-based bitcoin mining firm, simply launched its bitcoin manufacturing replace for the month of Could 25% lower in month-over-month income, based on a press launch.

The mining firm produced 239 BTC valued at $7.1 million at press time, which was a 2.3% lower from the earlier month. Yr-over-year (YoY) nevertheless, it is a 1,206% improve from the 18.3 BTC produced throughout final Could.

With a mining fleet of over 19,000, which was a 1.4% improve from the earlier month, GEM mined a mean of seven.7 BTC per day, or $231,000. Nonetheless, the mining fleet improve didn’t efficiently drive the underside line, as the corporate had the next common of 8.1 BTC ($243,000) in April.

The rise within the amount of miners did handle to extend the hash price from April’s 1.88 exahash per second (EH/s) to 1.92 EH/s by the closing of Could. Nonetheless, the increasing problem of mining bitcoin paired with a decrease common value of BTC by the month of could not solely led to the beforehand talked about drop in each day BTC mined, but in addition a big income lower.

The corporate reported $7.57 million in income for Could, which notes a 25.4% lower in income from the earlier month’s $10.15 million. John Warren, CEO of GEM Mining, addressed Could’s efficiency within the launch stating:

“Even with a few of the market fluctuation seen in Could, we stay properly positioned to proceed to effectively mine BTC.We are going to proceed to deploy our miner fleet in addition to pursue further development alternatives.”

GEM’s complete manufacturing this yr is 1,160 BTC, valued at $34.8 million. 

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