The South Carolina-based company announced that it has reached a hashrate of 1.25 EH/s with 13,118 machines deployed. The majority of the GEM mining's fleet consists of Bitmain S19 Pro miners and produces a staggering 6.5 Bitcoins per day.
With the addition of these new mining machines, GEM Mining now represents almost 1% of the entire bitcoin network hashrate. The company has reached the milestone quickly considering it only started mining bitcoin in February of 2021. It appears this is only the beginning for GEM Mining as they have fully funded orders with hosting for a further 19,000 machines to be deployed by the end of 2022.
Since its founding in 2021 by South Carolina governor candidate John Warren, the company has mined over 560 Bitcoins with November revenue reaching $7.8m with an adjusted EBITDA of over $6.2m.
“We will continue to seek out opportunities to deploy industry-leading technology with our premier hosting partners. That has been our mission since the company’s inception and will continue to be our focus in 2022," - GEM Mining CEO John Warren