Gryphon Digital Mining Announces January Operational Update
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Insights
The announcement by Gryphon Digital Mining, Inc. of achieving a record self-mining hashing power is a significant operational milestone with potential implications for its financial performance and competitive standing. The reported average self-mining hashing power of 864 PH/s (petahash per second) indicates a robust increase in the company's mining capabilities. This metric is crucial as it directly correlates to the number of bitcoin that can be mined; higher hashing power means increased potential for mining revenue.
Furthermore, the bitcoin efficiency of 68 BTC/EH (bitcoin per exahash) suggests that Gryphon is optimizing its mining operations, which could lead to lower operational costs and higher profitability. Investors may interpret this operational efficiency as a positive signal for Gryphon's cost management and technological edge. However, it's essential to consider the volatility of bitcoin prices, which can significantly impact the value of mined coins and, consequently, the company's revenue.
Producing approximately 58 bitcoin-equivalent coins in a month may be a strong indicator of Gryphon's revenue-generating potential. Given the current market value of bitcoin, this production rate can be translated into tangible revenue figures. Investors should evaluate this update in the context of Gryphon's operational costs and the current market price of bitcoin to assess the potential impact on the company's earnings and stock price.
It is also important to analyze the company's growth trajectory and investment in infrastructure. The increase in hashing power typically requires substantial capital expenditure, which could affect the company's cash flow and balance sheet. An evaluation of the return on investment for such capital expenditures is essential for understanding the long-term financial sustainability of Gryphon's operations.
Gryphon's mission to become a leading carbon-negative bitcoin miner is noteworthy from an Environmental, Social and Governance (ESG) perspective. ESG-conscious investors are increasingly considering the environmental impact of mining operations. Gryphon's commitment to carbon negativity could enhance its appeal to this growing segment of the market and potentially provide a competitive advantage.
However, the actual environmental impact of Gryphon's operations and their carbon offsetting measures should be scrutinized. The company's ESG disclosures and third-party verifications, if available, would be critical in evaluating the authenticity of its carbon-negative claim and the potential for ESG-related risk or opportunity.
Record self-mining hashing power achieved
Key highlights for the month:
- Produced approximately 58 bitcoin-equivalent coins
- Recorded bitcoin efficiency of 68 BTC/EH1
- Company record average self-mining hashing power of 864 PH/s
- Total attributable hashing power of about ~1.3 EH/s
During January, Gryphon mined approximately 58 bitcoin-equivalent coins while posting a Company record average self-mining hashing power of 864 PH/s and total attributable hashing power of approximately 1.3 EH/s. The month's performance translated into a bitcoin efficiency rating of 68 BTC/EH.
The Company's bitcoin efficiency performance declined from its December 2023 mark of 81 BTC/EH, or a reduction of about
Month over month, the 58 bitcoin-equivalent coins mined in January decreased by approximately
Nasdaq Debut
We are delighted to have commenced trading on the Nasdaq under the ticker symbol "GRYP" as of February 9, 2024.
2024 Plans
Now that the Company is listed on Nasdaq, we look forward to the opportunity to aggressively expand through machine purchases and M&A opportunities. With the halvening just around the corner in April, our strategy is to maintain our focus towards staying on the lower end of the mining operation cost curve, continuing to be among the most operationally efficient miners, and remaining among the most efficient2 in deploying the capital we receive.
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 has a net carbon-negative strategy. More information is available on https://gryphondigitalmining.com/.
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 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 Registration Statement on Form S-4 filed with the SEC by Gryphon on January 8, 2024.
INVESTOR CONTACT:
Name: Rob Chang
Company: Gryphon Digital Mining, Inc.
Phone Number: (877) MINE-ESG (877) 646-3374
Email: invest@gryphonmining.com
1 Efficiency metrics include information from Gryphon and its royalty stream partner.
2 As defined by "Invested Capital per Terahash", which is defined as (Paid In Capital + Short- and Long-Term Debt + Short- and Long-Term Capital Leases – Liquid Assets) / Forecast hashrate that includes royalty stream as of Jan 9, 2024
View original content:https://www.prnewswire.com/news-releases/gryphon-digital-mining-announces-january-operational-update-302061030.html
SOURCE Gryphon Digital Mining Inc.
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