GEM Mining, a 97% carbon neutral institutional-grade mining company with a deployable mining fleet of 32,000 miners, announced their bitcoin mining production update for February, 2022.
With a hash rate of 1.77 exahashes per second (EH/s) and 18,065 active miners, GEM produced 200.5 BTC worth over $8,506,600. It’s total production year-to-date is 423 BTC, worth more than $17,912,900.
“Our February production continues our strong start to the year,” said John Warren, CEO of GEM Mining. “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.”
The 18,065 miners represents a 22% increase from the previous month of 14,804 miners, while their 1.77 EH/s hash rate gives a 22.9% increase over their previous month’s 1.44 EH/s. However, the 200.5 BTC produced shows a decrease from the previous month’s 222.5 BTC, worth about $9,551,100, showing a 9.89% decrease. This also resulted in a month-over-month decrease in revenue as well, where January brought in $9.15 million, February came short bringing in $8.22 million.
GEM mining cited the shorter month, an increase in global hash rate meaning a higher difficulty adjustment, and the donation of mining power to support community measures as reasoning for the decrease in February BTC production levels.
GEM has plans to launch another 14,000 miners which will be fully-funded and hosted by GEM mining in the near future. GEM mining accounts for 1% of the global hash rate, set to drastically increase by the end of 2022.