Ethereum News

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

Gem Mining, a bitcoin mining company started recently by former U.S. Marine and 2018 candidate for South Carolina governor John Warren, reached hashrate capacity of 1.25 exahashes per second (EH/s) with 13,118 mining machines.

The company is currently producing 6.5 bitcoins a day and has fully funded purchase orders for another 19,000 machines, expected to be online by the end of 2022.“The successful deployment of 13,000 active miners is a major milestone in the growth story of Gem Mining,” Warren, who is also CEO, said in a statement on Wednesday.Gem’s mining power now accounts for about 1% of the Bitcoin network’s hashrate of about 161 EH/s as of Dec. 28, according to data analytics firm Glassnode.The Greenville, South Carolina-based miner started mining in February of this year and formally launched earlier this month, after raising over $200 million in institutional capital. It had revenue of $7.8 million in November.

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