- 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.
Credit: Source link
Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
USDC 
XRP 
Lido Staked Ether 
Dogecoin 
Toncoin 
TRON 
Cardano 
Avalanche 
Wrapped stETH 
Shiba Inu 
Wrapped Bitcoin 
WETH 
Chainlink 
Bitcoin Cash 
Polkadot 
Dai 
LEO Token 
NEAR Protocol 
Uniswap 
Sui 
Litecoin 
Pepe 
Wrapped eETH 
Internet Computer 
Artificial Superintelligence Alliance 
Bittensor 
Aptos 
Kaspa 
POL (ex-MATIC) 
Stellar 
First Digital USD 
Ethereum Classic 
Monero 
Stacks 
Immutable 
Ethena USDe 
OKB 
dogwifhat 
Render 
Aave 
Cronos 
Optimism 
Filecoin 
Injective 
Arbitrum 
