GEM Mining Announces 22% Increase in Active Miner Fleet in February 2022

Over 18,000 miners now deployed

GREENVILLE, S.C.--(BUSINESS WIRE)--GEM Mining, a bitcoin (“BTC”) mining company headquartered in Greenville, South Carolina, published its mining production results for February 2022. February saw a significant month-over-month increase in the number of active miners deployed and hash rate.

Key metrics include:

- At the end of February, GEM Mining had an active miner fleet of 18,065 miners. This is an active miner fleet increase of 22.0%, compared to the 14,804 miners deployed at the end of January.

- In February, GEM Mining had a hash rate of 1.77 Exahash per Second (EH/s), increasing 22.9% compared to 1.44 EH/s in January.

- GEM Mining produced 200.5 BTC in February, a decrease of 9.89% compared to 222.5 BTC produced in January. The slight decrease in BTC mined reflects a combination of a short month in February, an increase in global hash rate, and the impact of GEM Mining curtailing miners to support community needs for extra power.

- As of February 28, GEM Mining has produced 423.0 BTC in 2022.

- GEM Mining reported $8.22MM in revenue in February, compared to $9.15MM in January. Similar to BTC production, the slight decrease in month-over-month revenue reflects a combination of a short month in February, an increase in global hash rate, and the impact of GEM Mining curtailing miners to support community needs for extra power.

“Our February production continues our strong start to the year,” explained 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.”

About GEM Mining

Headquartered in Greenville, SC, GEM Mining is a privately held, institutional-grade bitcoin (BTC) mining company. The company has over 18,000 miners currently active, with an additional 14,000 fully funded and hosted machines set to come online by the end of 2022. The company’s active miner fleet accounts for over 1% of the global hash rate and is a 97% carbon neutral operation. For more information about GEM Mining, see gemmining.com.