GEM’s Bitcoin Production Falls in April despite Increase in Active Miner Fleet

GEM Mining, a United
States institutional-grade Bitcoin (BTC) mining company, saw a 3.2% fall in its
BTC mining production in April despite increasing its active miner fleet by
1%.

According to GEM, its
BTC production fell from 252.9 BTC in March to 244.8 BTC in April 2022.

However, the company
increased its active miner fleet to 19, 175 miners in April from the 18,976
miners in March.

John Warren, CEO of GEM
Mining, however, said the April output was its “second-best production results”
since the company’s founding.

GEM’s revenue also
decreased by 4.3% in April, falling from $10.61 million in March to $10.15
million.

The bitcoin miner,
however, attributed the fall in revenue to “lower average BTC price in April
compared to March”.

Other April Production
Figures

GEM also said its
produced 8.16 BTC per day in April, thereby achieving the same daily production
rate as March.

“In April, GEM Mining
had a hash rate of 1.88 Exahash per Second (EH/s), increasing 1.6%, compared to
1.85 EH/s in March,” the privately-held company added.

“We will continue to
build on this success as we bring our additional 13,000 fully funded and hosted
machines online by the end of 2022,” Warren also said.

Meanwhile, rival Bitcoin production company, Riot Blockchain, had reported a surge of 189% year-on-year in its BTC production figures for April 2022.

More about GEM

Headquartered in Greenville,
South Carolina, GEM says it active miner fleet accounts for over 1% of the
global hash rate and is a 97% carbon neutral operation.

“The company has over
19,000 miners currently active, with an additional 13,000 fully-funded and
hosted machines set to come online by the end of 2022,” it further
added.

GEM Mining, a United
States institutional-grade Bitcoin (BTC) mining company, saw a 3.2% fall in its
BTC mining production in April despite increasing its active miner fleet by
1%.

According to GEM, its
BTC production fell from 252.9 BTC in March to 244.8 BTC in April 2022.

However, the company
increased its active miner fleet to 19, 175 miners in April from the 18,976
miners in March.

John Warren, CEO of GEM
Mining, however, said the April output was its “second-best production results”
since the company’s founding.

GEM’s revenue also
decreased by 4.3% in April, falling from $10.61 million in March to $10.15
million.

The bitcoin miner,
however, attributed the fall in revenue to “lower average BTC price in April
compared to March”.

Other April Production
Figures

GEM also said its
produced 8.16 BTC per day in April, thereby achieving the same daily production
rate as March.

“In April, GEM Mining
had a hash rate of 1.88 Exahash per Second (EH/s), increasing 1.6%, compared to
1.85 EH/s in March,” the privately-held company added.

“We will continue to
build on this success as we bring our additional 13,000 fully funded and hosted
machines online by the end of 2022,” Warren also said.

Meanwhile, rival Bitcoin production company, Riot Blockchain, had reported a surge of 189% year-on-year in its BTC production figures for April 2022.

More about GEM

Headquartered in Greenville,
South Carolina, GEM says it active miner fleet accounts for over 1% of the
global hash rate and is a 97% carbon neutral operation.

“The company has over
19,000 miners currently active, with an additional 13,000 fully-funded and
hosted machines set to come online by the end of 2022,” it further
added.

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