Upstate business leaders start cryptocurrency mining company.

PositionGem Mining LLC of Greenville, South Carolina

Lima One Capital founder John Warren, also a former candidate for S.C. governor, has teamed up with five business leaders to start the $200 million Greenville Bitcoin mining company, Gem Mining.

"Over the past 10 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," Warren, who serves as the company CEO, said in a news release. "We have laid a strong foundation and plan to be a significant player in this exciting and evolving space within cryptocurrency."

The company owns 32,000 mining machines that are now in operation or set for near-term delivery, according to the release, which said 8,000 of the machines are in operation now and produce more than five bitcoins a day.

"Gem Mining is built for long-term growth," Zeb Portanova, Gem's head of strategic initiatives and former chief operating officer of Vestergaard, said in the release. "One-hundred percent of our mining machines are paid for, so deploying the full 32,000 miners will not require additional capital. Our company is agile and able to respond to market opportunities quickly."

The company has mined 431 bitcoins over the past nine months and started to make profits on the operation in February 2021, the release said. In November, Gem Mining reported revenue of $7.8 million with adjusted earnings before interest, taxes, depreciation and amortization exceeding $6.2 million.

Close to 15,000 additional miners...

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