A team of South Carolina-based business leaders has launched a new Bitcoin mining company, GEM Mining, headquartered in Greenville, South Carolina.

GEM Mining said it will mine Bitcoin using highly complex computers and software known as Bitcoin miners.

The company has raised over US$200 million in institutional capital and owns over 32,000 mining machines that are now in operation or set for near-term delivery.       

John Warren, former founder and CEO of Lima One Capital, serves as the new business’ CEO.

In addition to Warren, Zeb Portanova has been appointed as GEM’s Head of Strategic Initiatives.

Portanova has held numerous leadership roles across multi-national for-profit and non-profit companies.

Gabe Waters will head up data centres for the company, and Chris Sullivan will lead the company’s ESG initiatives.

The fifth partner, Russell Cann, will act as a strategic consultant. All five partners are active members of Young Presidents’ Organization (YPO).

The partners have managed over $3 billion in investments and have executed multiple, profitable exits over their careers.

Warren said: “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.

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

GEM Mining currently 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, it said.

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 said it is 92% carbon neutral.

Warren added: “GEM Mining is an example of the power of entrepreneurship. 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.”