• Newly Minted Bitcoin Miner Gem Mining Reaches Hashrate of 1.25 EH/s

  • Gem Mining, a bitcoin mining firm founded lately by former US Marine and 2018 South Carolina governor candidate John Warren, has attained hashrate capacity of 1.25 exahashes per second (EH/s) with 13,118 mining equipment.

    The company presently produces 6.5 bitcoins every day and has fully financed buy orders for an additional 19,000 machines, which are projected to be operational by the end of 2022.

    “The successful deployment of 13,000 active miners is a significant milestone in Gem Mining’s development story,” Warren, who is also CEO, said in a statement on Wednesday.

    According to data analytics firm Glassnode, Gem’s mining power now accounts for around 1% of the Bitcoin network’s hashrate of about 161 EH/s as of December 28.

    The miner, situated in Greenville, South Carolina, began mining in February of this year and formally launched earlier this month, after obtaining more than $200 million in institutional funding. In November, it made $7.8 million in revenue.

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