Bitcoin Miner Gem increases Hashrate by 23%; Bitcoin Production falls

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Gem Mining’s hashrate rose 23% in February, while the privately held bitcoin miner’s production declined about 10% from the previous month.

  • The Greenville, South Carolina-based miner’s hashrate rose to 1.77 exahash per second (EH/s) from the previous month as the company increased its active fleet of miners by 22%, according to a statement.
  • The total Bitcoin network’s hashrate was about 189 EH/s as of March 2, according to data analytics firm Glassnode, implying Gem’s share of mining power accounted for about 1% of the total.
  • February bitcoin production dropped by 10% to 200.5 bitcoins. This was due to a short month, an increased global hashrate, and the impact Gem curtailing miners have on community needs for additional power.
  • February revenue also fell, sales dropping to $8.22m from $9.15m.
  • “Our February production continues our strong start to the year,” said CEO John Warren. “With 14,000 fully funded and hosted miners coming online in the coming months, we will continue to rapidly expand our high-quality mining fleet and efficiently produce BTC.”
  • In February, a number of bitcoin miners shuttered their operations to help stabilize the power grid due to a spike in demand during the winter storm.
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