Bitcoin Miner Gem Increases Hashrate by 23%; Bitcoin Production Falls

The privately held miner’s monthly revenue fell in February.

AccessTimeIconMar 3, 2022 at 3:52 p.m. UTC
Updated May 11, 2023 at 5:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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 fell about 10% to 200.5 bitcoins due to the short month, an increase in global hashrate and the impact of Gem curtailing miners to support community needs for extra power.
  • February revenue was also hit, with sales falling to $8.22 million from $9.15 million.
  • “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 a spike in demand during the winter storm.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.