Gryphon Digital Mining Announces August Operational Update
Gryphon Digital Mining (Nasdaq: GRYP) released its unaudited operational update for August 2024, highlighting a transformational month with key developments:
1. Agreed to acquire up to 2.9 MW of operations with 59 PH/s of bitcoin mining machines and power costs averaging ~$0.01/kWh.
2. Achieved bitcoin efficiency of 22 BTC/EH, following a top-third result among peers in July.
3. Increased monthly average hashrate to 883 PH/s, up 8% year-over-year.
4. Improved energy efficiency to 28.5 J/T.
5. Expected to produce ~20 bitcoins, valued at ~$1.2 million.
6. Maintained 100% zero-carbon operations in the Northeastern U.S.
7. Welcomed back founding member Dan Tolhurst to the Board of Directors.
Gryphon Digital Mining (Nasdaq: GRYP) ha rilasciato il suo aggiornamento operativo non verificato per agosto 2024, evidenziando un mese trasformativo con sviluppi chiave:
1. Accordo per acquisire fino a 2,9 MW di operazioni con 59 PH/s di macchine per il mining di bitcoin e costi energetici medi di ~$0.01/kWh.
2. Raggiunta un
3. Incrementato il hashrate medio mensile a 883 PH/s, in aumento dell'8% rispetto all'anno precedente.
4. Migliorata l'efficienza energetica a 28,5 J/T.
5. Previsione di produrre ~20 bitcoin, valutati circa ~$1.2 milioni.
6. Mantenute operazioni a zero carbonio al 100% nel Nord-Est degli Stati Uniti.
7. Riaccolta il membro fondatore Dan Tolhurst nel Consiglio di Amministrazione.
Gryphon Digital Mining (Nasdaq: GRYP) publicó su actualización operativa no auditada para agosto de 2024, destacando un mes transformador con desarrollos clave:
1. Acuerdo para adquirir hasta 2,9 MW de operaciones con 59 PH/s de máquinas de minería de bitcoin y costos de energía que promedian ~$0.01/kWh.
2. Alcanzada una eficiencia de bitcoin de 22 BTC/EH, obteniendo un resultado entre el tercio superior entre sus pares en julio.
3. Incrementada la tasa media de hash mensual a 883 PH/s, un aumento del 8% interanual.
4. Mejorada la eficiencia energética a 28,5 J/T.
5. Se espera producir ~20 bitcoins, valorados en ~$1.2 millones.
6. Mantenidas operaciones con cero carbono al 100% en el noreste de los EE. UU.
7. Bienvenida de nuevo al miembro fundador Dan Tolhurst en la Junta Directiva.
그리폰 디지털 마이닝(Gryphon Digital Mining, Nasdaq: GRYP)은 2024년 8월의 미감사 운영 업데이트를 발표하며 혁신적인 달을 강조했습니다. 주요 발전 사항은 다음과 같습니다:
1. 최대 2.9MW의 운영을 인수하기로 합의하였으며, 59 PH/s의 비트코인 마이닝 기계와 평균 ~$0.01/kWh의 전력 비용이 포함됩니다.
2. 7월에 동료들 중 상위 3분의 1의 성과를 달성하며 비트코인 효율성 22 BTC/EH를 기록하였습니다.
3. 월 평균 해시레이트를 883 PH/s로 증가시켰으며, 이는 지난해 대비 8% 증가한 수치입니다.
4. 에너지 효율성을 28.5 J/T로 개선하였습니다.
5. ~20 비트코인을 생산할 것으로 예상되며, 이는 ~$1.2 백만 달러의 가치가 있습니다.
6. 미국 북동부에서 100% 제로 탄소 운영을 유지하였습니다.
7. 창립 멤버인 댄 톨허스트(Dan Tolhurst)를 이사회에 다시 맞이하였습니다.
Gryphon Digital Mining (Nasdaq: GRYP) a publié sa mise à jour opérationnelle non auditée pour août 2024, mettant en avant un mois transformationnel avec des développements clés :
1. Accord pour acquérir jusqu'à 2,9 MW d'opérations avec 59 PH/s de machines de minage de bitcoin et des coûts énergétiques moyens d'environ ~$0,01/kWh.
2. Réalisation d'une efficacité de bitcoin de 22 BTC/EH, après un résultat dans le tiers supérieur parmi ses pairs en juillet.
3. Augmentation de la puissance de hachage moyenne mensuelle à 883 PH/s, soit une hausse de 8 % par rapport à l'année précédente.
4. Amélioration de l'efficacité énergétique à 28,5 J/T.
5. Prévision de produire ~20 bitcoins, évalués à environ ~$1,2 million.
6. Maintien d'opérations à zéro carbone à 100 % dans le nord-est des États-Unis.
7. Retour du membre fondateur Dan Tolhurst au conseil d'administration.
Gryphon Digital Mining (Nasdaq: GRYP) hat sein ungeprüftes betriebswirtschaftliches Update für August 2024 veröffentlicht und einen transformierenden Monat mit wichtigen Entwicklungen hervorgehoben:
1. Vereinbarung zur Übernahme von bis zu 2,9 MW Betriebskapazität mit 59 PH/s an Bitcoin-Mining-Maschinen und Durchschnittskosten für Strom von ~$0,01/kWh.
2. Erreichung einer Bitcoin-Effizienz von 22 BTC/EH, was einen Platz in der oberen Drittel unter den Mitbewerbern im Juli bedeutete.
3. Steigerung der monatlichen Durchschnitts-Hashrate auf 883 PH/s, was einem Anstieg von 8% im Vergleich zum Vorjahr entspricht.
4. Verbesserung der Energieeffizienz auf 28,5 J/T.
5. Erwartete Produktion von ~20 Bitcoins, bewertet auf ~$1,2 Millionen.
6. Aufrechterhaltung eines 100% klimaneutralen Betriebs im Nordosten der USA.
7. Wiedererwähnung des Gründungsmitglieds Dan Tolhurst im Vorstand.
- Agreed to acquire up to 2.9 MW of operations with ultra-low power costs of ~$0.01/kWh
- Achieved bitcoin efficiency of 22 BTC/EH, ranking in the top third among peers
- Increased monthly average hashrate to 883 PH/s, an 8% year-over-year improvement
- Improved energy efficiency to 28.5 J/T
- Maintained 100% zero-carbon operations in the Northeastern U.S.
- Evaluating a pipeline of low-cost opportunities for potentially +500 MW
- Bitcoin production decreased slightly from 21 BTC in July to approximately 20 BTC in August
- Mining fleet uptime decreased to 97.3% from normal operational levels of over 99% due to required maintenance
Insights
Gryphon's August update reveals a strategic shift towards ultra-low-cost power operations, potentially transforming its cost structure. The acquisition of 2.9 MW capacity with
The company's efficiency metrics are impressive, with 22 BTC/EH placing it in the top third of peers. However, the slight dip in production from 21 to 20 BTC month-over-month, despite an 8% hashrate increase, warrants attention. The
Gryphon's focus on ultra-low-cost power is a masterstroke in the energy-intensive bitcoin mining sector. Securing power at
The company's commitment to 100% zero-carbon hydro power for its Northeastern U.S. operations aligns with growing ESG concerns in the mining sector. The improved energy efficiency of 28.5 J/T is noteworthy, placing Gryphon among the most efficient miners. The potential 500 MW pipeline, if realized with similar cost structures, could catapult Gryphon to a leading position in sustainable, low-cost bitcoin mining.
Transformational Month Highlighted by Acquisition of Ultra Low-Cost Power Mining Operations, Paving the Way to Power Costs of ~
LAS VEGAS, NV / ACCESSWIRE / September 5, 2024 / Gryphon Digital Mining, Inc. (Nasdaq:GRYP) ("Gryphon" or the "Company"), a bitcoin mining company that is focused on low-cost, efficient operations with an ESG focus, has released its unaudited operational update for August 2024.
Key August highlights:
Ultra Low-Cost Operation Acquisition: Entry into an agreement to acquireup to 2.9 megawatts ("MW") of currently running operations equipped with 59 PH/s of bitcoin mining machines. Power purchase agreements with per kilowatt hour ("kWh") costs averaging around 1 cent
+500 MW power pipeline: Gryphon continues to evaluate a pipeline of similar low-cost opportunities for potentially +500 MW
Leading Bitcoin Efficiency: Achieved bitcoin efficiency of 22 BTC/EH for the month of August, following a top third result among publicly disclosing peers in July
Improved Hashrate: Monthly average hashrate of 883 PH/s, an
8% increase over August 2023Strong Energy Efficiency: Improved our leading energy efficiency to 28.5 joules per terahash ("J/T")
Bitcoin Production: Expect to have produced approximately 20 bitcoin
Projected approximately
$1.2 million in value based on an average bitcoin price for the month of$60,103
Sustainable Operations: Scope 1 and Scope 2[1] operations at its Northeastern U.S. operations continue to be
100% electrified by zero-carbon emitting hydro powerReturn of Founding Member to the Board: Gryphon welcomes the return of Dan Tolhurst, who brings nearly two decades of experience founding, leading, and investing in innovative companies across multiple sectors with a pedigree consisting of Netflix, Walt Disney, Booz & Company, and Bank of Montreal
[1] Scope 1 emissions are direct emissions from owned or controlled sources by the company, such as emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc. Scope 2 emissions refer to indirect emissions from the generation of purchased electricity, steam, heating, and cooling consumed by the company. These categorizations help organizations to strategically manage and report their greenhouse gas emissions.
"We believe that August was the beginning of a transformational process for Gryphon as we took our first step in executing our ultra low-cost power plan," noted Rob Chang, CEO of Gryphon. "We expect that our announcement of the agreement to acquire up to 2.9MW of currently running operations with power purchase agreements of around 1 cent per kWh will be followed by others as we consider opportunities in an identified pipeline of over 500 MW. With the acquisition of this and future power generation assets with similar costs, we believe Gryphon will enhance its position as a leading low-cost operator with a competitive advantage in the bitcoin mining business."
Gryphon's bitcoin efficiency performance of 22 BTC/EH in August continues to showcase its operational expertise. In July, Gryphon's score of 24 BTC/EH ranked among the top third of eighteen publicly disclosing peers, who averaged 23 BTC/EH. Since commencing operations in September 2021, Gryphon has ranked in the top quartile
The Company expects to have earned bitcoin valued at approximately
The Company held approximately 15 bitcoin in its treasury as of the end of August.
Founding Member Returns
This past month, Gryphon welcomed the return of Dan Tolhurst to the Board of Directors. Mr. Tolhurst co-founded Gryphon in October 2020 and served as its President and a Board Member through the closing of the Company's go-public transaction in February 2024. Prior to co-founding Gryphon, he led Netflix Inc.'s Content Strategy & Analysis team in Europe, the Middle East and Africa. He also held Director and Senior Manager positions in Corporate Strategy and Business Development at The Walt Disney Company. Earlier in his career, Mr. Tolhurst worked at Booz & Company, a management consulting firm, and the Bank of Montreal Financial Group, a Canadian bank.
Conference Schedule:
H.C. Wainwright 26th Annual Global Investment Conference in New York, NY on September 9th - 11th
LD Micro Main Event XVII in Los Angeles, CA on October 28th - 30th
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto an environmentally responsible 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 in the northeastern US was independently certified as
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on management's current expectations and assumptions about future events and financial results and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the "SEC"), including the section titled "Risk Factors" in the Annual Report on Form 10-K filed with the SEC by Gryphon on April 1, 2024.
INVESTOR CONTACT:
Name: James Carbonara
Company: Hayden IR
Phone: (646)-755-7412
Email: james@haydenir.com
SOURCE: Gryphon Digital Mining, Inc.
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