GEM Mining Releases Bitcoin Mining Update For May
The mining company increased total miners and hash rate, but increasing difficulty and a lower average BTC price drove metrics down for the month of May.GEM Mining released production updates for the month of may showing...
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Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The mining company increased total miners and hash rate, but increasing difficulty and a lower average BTC price drove metrics down for the month of May.
- GEM Mining released production updates for the month of may showing a 25% decrease in revenue.
- The company increased its total bitcoin miners and hash rate, however the increased difficulty of mining and lower average BTC inevitably made the difference.
- Year-to-date, GEM Mining has produced 1,160 BTC valued near $34.8 million.
GEM Mining, a privately owned, South Carolina-based bitcoin mining company, just released its bitcoin production update for the month of May 25% decrease in month-over-month revenue, according to a press release.
The mining company produced 239 BTC valued at $7.1 million at press time, which was a 2.3% decrease from the previous month. Year-over-year (YoY) however, this is a 1,206% increase from the 18.3 BTC produced during last May.
With a mining fleet of over 19,000, which was a 1.4% increase from the previous month, GEM mined an average of 7.7 BTC per day, or $231,000. However, the mining fleet increase did not successfully drive the bottom line, as the company had a higher average of 8.1 BTC ($243,000) in April.
The increase in the quantity of miners did manage to increase the hash rate from April’s 1.88 exahash per second (EH/s) to 1.92 EH/s by the closing of May. However, the expanding difficulty of mining bitcoin paired with a lower average price of BTC through the month of may not only led to the previously mentioned drop in daily BTC mined, but also a large revenue decrease.
The company reported $7.57 million in revenue for May, which notes a 25.4% decrease in revenue from the previous month’s $10.15 million. John Warren, CEO of GEM Mining, addressed May’s performance in the release stating:
“Even with some of the market fluctuation seen in May, we remain well positioned to continue to efficiently mine BTC.We will continue to deploy our miner fleet as well as pursue additional growth opportunities.”
GEM’s total production this year is 1,160 BTC, valued at $34.8 million.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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