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Greenville Business Magazine

Gem Mining Company Launches Bitcoin Mining in South Carolina

Dec 15, 2021 03:22PM ● By David Dykes

(Photo, left to right: Zeb Portanova, Partner - Strategic Initiatives; Russell Cann, Partner - Corporate Strategy; John Warren, Partner - CEO; Chris Sullivan, Partner - Solar; Gabe Waters, Partner - Data Centers. Credit: GEM Mining.)

A team of seasoned South Carolina-based business leaders announced  the launch of a new Bitcoin mining company, GEM Mining, headquartered in Greenville, S.C. 

GEM Mining is mining Bitcoin using complex computers and software known as Bitcoin miners, has raised over $200 million in institutional capital and owns over 32,000 mining machines now in operation or set for near-term delivery.  

John Warren, former founder and CEO of Lima One Capital and unsuccessful Republican candidate for governor in 2018, serves as CEO. 

In addition, Zeb Portanova serves as GEM’s head of strategic initiatives. Portanova has held  numerous leadership roles across multi-national for-profit and nonprofit companies. 

Gabe Waters heads up data centers for the company, and Chris Sullivan leads the company’s ESG  initiatives. The fifth partner, Russell Cann, acts as a strategic consultant. 

“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,” Warren said. “We have laid a strong foundation and  plan to be a significant player in this exciting and evolving space within cryptocurrency.”  

Portanova said, “GEM Mining is built for long-term growth. 100 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.”

GEM Mining has over 8,000 miners in operation, producing over five Bitcoins per day.  

The company has mined 431 Bitcoins in the past nine months and has been profitable since February. 

In November alone, GEM Mining reported revenue of $7.8 million and adjusted EBITDA exceeding $6.2 million. 

Close to 15,000 additional miners will be turned on and mining over the next  four months. The company also is 92 percent carbon neutral. 

“GEM Mining is an example of the power of entrepreneurship,” Warren said. “We are  proud to be building one of the largest cryptocurrency mining companies in Greenville, South  Carolina, which is a substantial new development for our state.”