GEM Mining Releases Bitcoin Mining Update For May

GEM Mining Releases Bitcoin Mining Update For May
  • GEM Mining launched manufacturing updates for the month of might exhibiting a 25% lower in income.
  • The corporate elevated its whole bitcoin miners and hash charge, 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 Might 25% lower in month-over-month income, in accordance with 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% enhance from the 18.3 BTC produced throughout final Might.

With a mining fleet of over 19,000, which was a 1.4% enhance from the earlier month, GEM mined a mean of seven.7 BTC per day, or $231,000. Nonetheless, the mining fleet enhance 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 charge from April’s 1.88 exahash per second (EH/s) to 1.92 EH/s by the closing of Might. Nonetheless, the increasing problem of mining bitcoin paired with a decrease common worth of BTC via the month of might not solely led to the beforehand talked about drop in each day BTC mined, but additionally a big income lower.

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

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

GEM’s whole manufacturing this 12 months is 1,160 BTC, valued at $34.8 million. 

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