Businessman and Former South Carolina gubernatorial candidate John Warren successfully launched his Bitcoin mining company to go with the trend of Bitcoin booming marketplace.
After China’s ban on the crypto industry, many countries took advantage to use the abundant sources of energy to generate revenue for the nation. And also many new companies started their business in Bitcoin mining. Even in the current situation, the total hash rate is still far to touch again the same competition to mine Bitcoin, as it was earlier when Chinese companies were mining Bitcoins openly in China.
In the latest, John Warren- Businessman & Former South Carolina gubernatorial candidate, entered the Bitcoin mining business. He launched his Bitcoin mining firm, GEM mining.
Through the press release announcement, GEM mining confirmed that in this new business of Warren, there are a total of four partnerships, who invested in this company, to bring better competition in the booming marketplace of Bitcoin.
Warren also confirmed that GEM mining raised around $200 million from multiple institutions like banks, hedge funds, endowments, and pension funds.
GEM mining aimed to deploy 32,000 mining devices, which have a high potential to solve highly complex problem-solving computers.
In the present time, already 9,000 machines are working and in the past 9 months, GEM mined a total of 431 Bitcoins including a total of $7.8 million in revenue.
GEM aimed to deploy the rest of the 15,000 machines by the next four months. The firm also claimed that its operations of Bitcoin mining are 92% carbon emission neutral.
Warren said:
“Over the past ten months, my partners and I have built an institutional-grade Bitcoin mining company by purchasing the highest quality machines and partnering with industry-leading companies to host these machines. We have laid a strong foundation and plan to be a significant player in this exciting and evolving space within cryptocurrency.”
This news of the Bitcoin mining business by Warren is coming after the report of Warren’s move to sell his stakes from Lima One Capital, founded by Warren in 2019. This thing shows that a businessman comes to know perfectly that Bitcoin mining is still the best business.
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