GEM Mining Announces July 2022 Production Update

GEM Mining, a bitcoin ("BTC") mining company headquartered in Greenville, South Carolina, published its mining production results for July 2022.

Key metrics include:

- GEM Mining produced 231.9 BTC in July, an increase of 4.4%, compared to 222.1 BTC produced in June. This marks a 547.7% increase as compared to July 2021 production of 35.8 BTC.

- GEM Mining produced 7.48 BTC per day in July, a slight increase in the daily production rate of 7.40 BTC in June.

- At the end of July, GEM Mining had an active miner fleet of 19,619 miners. This was an active miner fleet increase of 0.8%, compared to the 19,459 miners deployed at the end of June.

- In July, GEM Mining had a hash rate of 1.75 Exahash per Second (EH/s), a slight decrease of 2.7%, compared to 1.80 EH/s in June.

- GEM Mining reported $4.99MM in revenue in July, a decrease of 8.1% compared to $5.43MM in June. The decrease in revenue was due primarily to a lower average BTC price in July compared to June.

- As of July 31, GEM Mining has produced 1,614.1 BTC in 2022.

"GEM Mining started Q3 with strong BTC production metrics," explained John Warren, CEO of GEM Mining. "We are well positioned to navigate the current market conditions and will continue to deploy our miner fleet throughout the remainder of 2022."

About GEM Mining

Headquartered in Greenville, SC, GEM Mining is a privately held, institutional-grade bitcoin (BTC) mining company. The company has over 19,500 miners currently active, with an additional 12,500 fully funded and hosted machines set to come online by the end of 2022. The company's active miner fleet accounts for over 1% of the global hash rate and is a 97% carbon neutral operation. For more information about GEM Mining, see gemmining.com.

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