Where it all began.
GM1 was our entry into Paraguay, and our first real test of whether the co-mining model works with actual investors. The team had previously operated two facilities in the Middle East and Asia. Paraguay was new territory, and we wanted to understand it properly before committing to large-scale investment.
The smart move: we didn't build our own infrastructure. Instead, we placed our miners inside an existing, larger facility in San Antonio. This kept capital requirements minimal and let us learn the country, the market, and on-site operations, without the full risk of building from scratch.
GM1 went live in Q3 2022 and distributed quarterly Bitcoin payouts for Q4 2022 and Q1 2023, totaling more than 2 BTC directly to our investors' wallets. Once the facility was running successfully, we decided together with our investors not to distribute further profits, but to invest them into building our second facility. That became GM2, financed with as little outside capital as possible. GM1 was sold at the end of 2024.
What we took away from GM1.
- Co-mining model validated: Monthly reporting, ownership structure, quarterly distributions, all successfully executed for the first time
- Minimal capital exposure: Not building our own infrastructure meant a cheaper start and lower risk during the learning phase
- >2 BTC distributed: Both quarters (Q4 2022 + Q1 2023) paid out on time and in full to all investors
- Paraguay as a location: Power supply, local partners and authorities, we got to know the country thoroughly
- Own infrastructure is essential: Depending on third parties limits control and scalability. GM2 became our first own facility
- Capital efficiency: GM1 profits were deliberately reinvested into GM2 rather than distributed, allowing us to scale with minimal outside capital
- Compliance & legal structure: GM1 taught us how to build the co-investor model properly with a Swiss AG
- Operations under market pressure: The 2022 crypto bear market stress-tested our operating model under real conditions
Every miner carries an investor's name.
What started as a small gesture at GM1 became a symbol for the whole concept: we put a name tag on every miner, the name of one of our investors. Not as a marketing stunt, but because we genuinely believe co-owners should feel like co-owners. We regularly shared updates from Paraguay, reported on the country, and explained what mining on the ground really means. That was the beginning of our investor community.
What investors received.
After the first two successful quarterly distributions, we decided together with our investors to reinvest further profits into building GM2, rather than distributing them. That was the foundation for our first own facility, built with minimal outside capital.
GM1 is history. GM3 is now.
Everything we learned from GM1 and GM2 is built into GM3: 6 MW, 100% hydropower, 264 investors, CHF 3M balance sheet. 15% of shares still available.
Discover GM3 →