Former Navy and South Carolina Politician Raises $ 200 Million to Start Bitcoin Mining Company

Former US Navy and 2018 Candidate for Governor of South Carolina John Warren started Gem Mining after raising over $ 200 million in institutional capital, according to a statement released on Wednesday. The company says its operations are 92% carbon neutral.

  • Warren served four years in active duty as an infantry officer in the US Marine Corps. In 2018, he lost in the second round of the Republican primaries to become governor of South Carolina.

  • “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 leading companies in the industry to host these machines,” said Warren, who is the CEO of Gem and who co. – founded Gem with four other partners.

  • The Greenville, SC-based mining company currently has more than 8,000 active miners, producing five bitcoins per day. Nearly 15,000 additional miners will be activated over the next four months, the company said.

  • In addition, Gem has over 32,000 mining machines which are either operational or will be delivered in the short term and will not require additional capital for full deployment.

  • The company said it has mined 431 bitcoin in the past nine months and has been profitable since February. It also achieved sales of $ 7.8 million and adjusted EBITDA above $ 6.2 million in November.

  • On September 15, another bitcoin miner, Greenidge Generation, announced that it would purchase 10,000 crypto mining machines for its new facility planned in Spartanburg, South Carolina, and expects to start mining end of 2021 or beginning of 2022.

CORRECTION (December 15, 18:32 UTC): Corrected the title to “Former Marine” of “Ex-Marine”.

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