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Newly Minted Bitcoin Miner Gem Mining Reaches Hashrate of 1.25 EH/s
Gem’s mining power now accounts for about 1% of the Bitcoin network’s total.
By Aoyon Ashraf
Updated May 11, 2023, 7:10 p.m. Published Dec 29, 2021, 4:03 p.m.
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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The $4 trillion U.S. bank is the latest financial giant in rolling out tokenized MMF onchain, joining BlackRock, Franklin Templeton and Fidelity.
What to know:
- JPMorgan Chase is launching its first tokenized money-market fund on Ethereum, named My OnChain Net Yield Fund (MONY), with an initial $100 million investment.
- The fund is part of a growing trend of blockchain-based financial products, with major firms like BlackRock and Franklin Templeton also entering the space.
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