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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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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
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