Former South Carolina gubernatorial candidate and businessman John Warren has launched a new Bitcoin mining company dubbed GEM Mining.
In a press statement, GEM Mining noted that the venture also has four partners who aim to capitalize on the booming Bitcoin marketplace.
According to Warren, the company has already raised over $200 million from institutions, including banks, hedge funds, endowments, and pension funds.
The company is expected to mine Bitcoin by deploying ‘highly complex computers and software with a projection of installing 32,000 devices.
Already, more than 9,000 of the machines are operational, with Warren noting that they have mined about 431 BTC in the last nine months, contributing to the generation of $7.8 million in revenue.
Another 15,000 machines are expected to begin operations over the next four months, with the firm claiming that the venture is 92% carbon neutral. According to the statement, the deployment of the machines will not require any additional capital since all the devices have been paid for.
“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,” said Warren.
The mining venture comes after Warren sold his stake in Lima One Capital, a specialty mortgage company he founded in 2019.
More states venturing in Bitcoin mining
The company is expected to become the largest mining entity in South Carolina amid an ongoing push by several U.S. states to develop the cryptocurrency sector. For instance, Miami mayor Francis Suarez is on record luring Chinese miners to the city with the promise of providing renewable energy. This is after Chinese authorities imposed strict regulations against Bitcoin mining.
Elsewhere, amid the launch of GEM Mining, Genesis Digital Assets, a mining firm, announced the purchase of 30,000 units of Avalon Bitcoin mining machines from computing solutions provider Canaan.