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

The Greenville, SC-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.