John Warren’s GEM Mining Reaches Bitcoin Hashrate Of 1.25 EH/s

Publish date:

Dec 29, 2021

GEM Mining, the bitcoin mining institution headed by erstwhile South Carolina Gov. campaigner John Warren, has accrued its deployed fleet by implicit 4,000 machines and present houses 13,118 progressive mining rigs according to a Wednesday statement.

“We volition proceed to question retired opportunities to deploy industry-leading exertion with our premier hosting partners,” Warren, CEO of GEM Mining, said successful a statement. “That has been our ngo since the company’s inception and volition proceed to beryllium our absorption successful 2022.”

Warren previously said helium founded GEM Mining aft having spotted “huge opportunities” successful the mining manufacture past year. The entrepreneur was joined by 4 founding partners to commencement the Bitcoin concern and has since raised $200 million.

According to the statement, GEM Mining has produced implicit 560 BTC since February and with the caller miners is present boosting astir 1.25 exahashes per 2nd (EH/s) of hash complaint capacity. The institution said it expects to adhd 19,000 much machines to its fleet during the adjacent twelvemonth arsenic acquisition agreements get fulfilled and orders are received.

The bitcoin mining manufacture has been booming successful the U.S. since China banned the enactment earlier this year. What began arsenic powerfulness rationing measures successful a fewer provinces grew to go a nationwide crackdown connected mining, yet starring to a broader ban. Bitcoin trading was besides banned, and Chinese customers saw censorship of Bitcoin-related accusation connected fashionable hunt engines and the fleeing of salient work providers similar Huobi, which closed each Chinese customers’ accounts and denied opening caller ones.

Despite the galore warnings astatine the clip astir the imaginable dire consequences of a Chinese prohibition connected bitcoin mining, the manufacture is arguably amended disconnected now. Though Bitcoin’s hash complaint did endure for a mates of months, the metric precocious climbed to caller highs arsenic countries similar the U.S., Russia, and Kazakhstan welcomed Chinese miners. News besides precocious surfaced that determination are inactive medium-sized bitcoin mining operations successful China contempt the ban, scattered underground crossed the state to fell their footprints from the preying communist government.