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AP National Business

Former SC gov candidate John Warren launches Bitcoin venture

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Published 5:52 AM

By MEG KINNARD
Associated Press

COLUMBIA, S.C. (AP) — The multimillionaire businessman who forced South Carolina Gov. Henry McMaster into a GOP runoff has started a Bitcoin mining company. John Warren announced his investment in the GEM Mining company on Wednesday. He says they’ve raised more than $200 million from banks, hedge funds, pension funds and endowments to operate more than 32,000 machines to crunch the numbers necessary for creating bitcoins. This cryptocurrency venture is Warren’s first since selling his specialty mortgage firm, Lima One Capital. Warren leveraged more than $3 million of his own money to run for governor in 2018, ultimately losing to McMaster by a single-digit margin.

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