Efficiency is Key!
This Bitcoin Miner is a Beacon of Operational Efficiency, Is Carbon Neutral, Recently Announced a Share Buyback Program, and is a Laggard in the Latest Bitcoin Rally.
April 22nd, 2024 – Gryphon Digital Mining Announces Stock Repurchase Program; Machine Upgrade Program Completed Ahead of Schedule Full Article
Gryphon Digital Mining Announces April Operational Update
Monday, 06 May 2024 07:30 AM
Gryphon Digital Mining, Inc.
Company Update
Machine Upgrades Lead to New Company All-Time Bests in Hashing Power and Efficiency
LAS VEGAS, NV / ACCESSWIRE / May 6, 2024 / Gryphon Digital Mining, Inc. (NASDAQ: GRYP) (“Gryphon” or the “Company”), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, has released its unaudited operational update for April 2024.
Key highlights for the month:
Produced approximately 40 bitcoin
Approximately $2.6 million in value based on an average April bitcoin price of $66,183
Production of 1.33 BTC/day on average, or about $88,244/day
Achieved bitcoin efficiency of 43 BTC/EH
New Company record average self-mining hashing power of 914 PH/s in April
Machine upgrade program completed with the installation of Bitmain S21 200 TH/s machines
21 bitcoin in treasury as of April 30, 2024Average machine efficiency improved to 28.7 J/T in April
Scope 1 and Scope 21 operations continue to be 100% electrified by zero-carbon emitting Hydro power
“April signified the beginning of our post go-public improvement program as we ordered and installed a batch of state-of-the-art Bitmain S21 200 TH/s machines to upgrade our mining fleet. The result of this effort was a new Company all-time high in average hashing power at 914 PH/s as well as a new Company all-time best in average mining efficiency at 28.7 J/T as our new machines are currently tracking to be 43% more efficient than the machines they replaced,” noted Rob Chang, CEO of Gryphon. “For the month, we earned bitcoin valued at approximately $2.6 million based on an average bitcoin price of $66,183, which includes record setting days when bitcoin mining transaction fees were particularly valuable.”
April’s bitcoin efficiency performance of 43 BTC/EH continues to showcase Gryphon’s commitment to running its operations at peak performance. In monthly rankings over the last twelve-months, Gryphon ranked #1 in bitcoin efficiency on six occasions. Since Gryphon commenced operations in September 2021, it has consistently placed among the top of these publicly available bitcoin efficiency scores – ranking at or tied for first in 17 of the 31 months, or about 55% of the time.
The Company held 21 bitcoin in its treasury as of the end of April as coins were sold to finance the mining fleet upgrade in a non-dilutive manner.
Conference Schedule:
Consensus 2024 by CoinDesk held in Austin, TX on May 29 th – 31 st
Mining Disrupt in Miami, FL on June 24 th – 26 th
Bitcoin 2024 held in Nashville, TN on July 25 th – 27 th
Blockchain Futurist Conference in Toronto, ON on August 13 th – 14 th
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from globally recognized brands, Gryphon is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation was recently independently certified as 100% carbon-neutral and the company is also pursuing a carbon-negative strategy. More information is available on https://gryphondigitalmining.com/.
In the Following Interview:
Gryphon’s new T-21 mining machines are outperforming by 25% compared to S-21’s
Seeking Acquisitions
100% Carbon-Neutral
Currently producing $88k/day at an average Bitcoin price of $66.18K
Watch This Recent CEO Interview
Daily Chart
Here are some key aspects that set Gryphon apart:
100% Renewable Energy: Gryphon has achieved certification as a 100% renewable energy operation and is committed to being carbon-negative. This is part of their broader environmental, social, and governance (ESG) strategy. They aim to reduce their carbon footprint significantly, which not only aligns with global sustainability goals but also positions them as a leader in environmentally responsible digital mining (Gryphon Digital Mining).
Operational Efficiency: Gryphon has demonstrated high operational efficiency in their mining processes. For instance, in January 2024, they reported a record average self-mining hashing power of 864 petahash per second. Despite some fluctuations in efficiency, they have consistently ranked at or near the top in bitcoin efficiency compared to their peers (Gryphon Digital Mining)
Innovative and Experienced Leadership: The leadership team at Gryphon brings significant experience from other major companies in the blockchain and digital mining industries, such as Riot Blockchain and Marathon Digital Holdings. This depth of experience supports Gryphon’s strategic initiatives and operational excellence (Gryphon Digital Mining).
Transparency and Certification: Gryphon has been proactive in proving its ESG commitments through transparent reporting and has been the first bitcoin miner to receive the Sustainable Bitcoin certification. This emphasizes their leadership in setting standards for energy measurement in the bitcoin mining industry (Gryphon Digital Mining).
These factors contribute to Gryphon’s reputation as a potentially superior choice for environmentally conscious investors and partners in the digital mining sector. Their focus on renewable energy and operational efficiency not only differentiates them from competitors but also aligns them with future-oriented business practices.
Conclusion
Gryphon Digital Mining’s strategic focus on sustainability, efficiency, and innovative management has positioned it as a standout entity in the competitive bitcoin mining sector. With its recent NASDAQ listing, the company has showcased its robust operational updates, including a significant increase in hashing power and efficiency due to its advanced machine upgrades. The combination of a carbon-neutral commitment and a highly efficient operational model not only sets Gryphon apart but also aligns it with broader environmental and sustainability goals, which are increasingly valued by investors and consumers alike.
As Gryphon continues to demonstrate leadership in bitcoin efficiency and sustainable practices, it is poised for heightened visibility and potential growth within the investment community. The recent stock repurchase program and strategic presence at major industry conferences are likely to increase investor confidence and draw further attention to Gryphon’s unique value proposition. Therefore, I anticipate that Gryphon Digital Mining could experience a breakout in the near-term as more investors become aware of its compelling story and the tangible results it delivers in the burgeoning field of eco-friendly digital asset mining.
by Steve Macalbry
Senior Editor,
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