GREENVILLE, S.C. (WCBD)- A team of five South Carolina business leaders, including 2018 gubernatorial candidate John Warren, announced the launch of a new Bitcoin mining company headquartered in Greenville, S.C.

GEM Mining plans to operate over 32,000 machines to mine the world’s largest form of cryptocurrency, Bitcoin, and the company said it has already raised over $200 million in institutional capital.

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

Currently, GEM Mining has over 8,000 miners in operation, producing over five Bitcoins per day. That adds up to mining over 400 Bitcoin in the past nine months alone. GEM said the company has been profitable since February and brought in $7.8 million in reported revenue in November. Over the next four months, GEM plans to add approximately 15,000 miners to its operation. The company also boasts 92% carbon neutrality.

Other partners in the company include Zeb Portanova, Gabe Waters, Chris Sullivan, and Russell Cann.