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

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gem mining, the bitcoin mining company headed by former south carolina gov. candidate john warren, has increased its deployed fleet by over 4,000 machines and now houses 13,118 active mining rigs according to a wednesday statement.

"We will continue to look for opportunities to deploy advanced technologies with our key host partners," said Warren, President and CEO of Gem Mining. This has been our mission since the company's inception and it will continue to be our priority in 2022."

warren previously said he founded gem mining after having spotted “huge opportunities” in the mining industry last year. The entrepreneur was joined by four founding partners to begin the Bitcoin company and has since raised $200 million.

As per the declaration, gem extraction has produced more than 560 btc since february and with new miners is now increasing about 1.25 exahashes per second (eh/s) of hash rate capacity. The company said it expects to add 19,000 more machines to its fleet over the next year, as purchasing contracts are met and orders are received.

The Bitcoin mining industry has been thriving in the United States since China banned the activity earlier this year. What started as power rationing measures in a few provinces became a national repression of mining, eventually leading to a broader ban. Bitcoin trading has also been forbidden, and chinese customers have seen the censorship of bitcoin-related information on popular search engines and the leakage of prominent service providers like huobi, which closed all accounts of chinese clients and refused to open new ones.

Despite the many warnings at the time about the possible disastrous consequences of a Chinese ban on Bitcoin mining, the industry is probably better now. Although the hash rate of bitcoin has suffered for a couple of months, the metric has recently climbed to new heights as countries like the US, Russia and Kazakhstan have welcomed Chinese miners. The news has also surfaced recently as there are still medium-sized bitcoin mining operations in china despite the ban, scattered underground across the country to hide their fingerprints to the plagued communist government.

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 12/29/2021

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