Gryphon Digital Mining Announces May Operational Update
Gryphon Digital Mining announced its May 2024 operational update, highlighting a record-breaking energy efficiency of 28.6 joules per terahash (J/T) achieved through new Bitmain S21 200 TH/s machines, which are 43% more efficient than previous models. The company produced approximately 22 bitcoin, valued at around $1.4 million based on an average May bitcoin price of $65,071. Gryphon achieved a bitcoin efficiency of 24 BTC/EH and maintained an average uptime of 98% on its mining fleet. Additionally, Gryphon qualified for inclusion in the Russell Microcap Index, effective from July 1st, and continues to operate with 100% zero-carbon hydro power for its Scope 1 and Scope 2 operations. As of the end of May, the company held about 17 bitcoin in its treasury.
- Achieved a record energy efficiency of 28.6 J/T, improving operational cost efficiency.
- Produced approximately 22 bitcoin in May, valued at $1.4 million.
- Maintained a high average uptime of 98%, indicating operational reliability.
- Qualified for inclusion in the Russell Microcap Index, enhancing market visibility and potential investor confidence.
- Operates with 100% zero-carbon hydro power, enhancing its environmental credentials and appeal to eco-conscious investors.
- Achieved a bitcoin efficiency of 24 BTC/EH, underscoring its competitive standing in the industry.
- The bitcoin produced in May is subject to high market volatility, which can impact revenue stability.
- Despite improved efficiency, the reliance on high bitcoin prices ($65,071) for revenue calculations can lead to financial instability if prices fall.
- Holding only 17 bitcoin in treasury might be seen as a low reserve by some investors, potentially indicating liquidity or reinvestment capacity.
Insights
Gryphon Digital Mining's operational update for May includes several key metrics that are relevant to investors. Notably, the company's production of approximately 22 bitcoins equates to roughly
Another notable development is Gryphon's inclusion in the Russell Microcap Index, which can attract new investors and potentially increase the stock's liquidity. The Russell Microcap Index is often a benchmark for small-cap investors and inclusion often boosts visibility. The company's commitment to 100% renewable energy and its negative carbon strategy aligns with growing investor interest in ESG (Environmental, Social and Governance) criteria, which could further strengthen its appeal to a broader base of investors.
From a financial perspective, these updates suggest that Gryphon is making strides in increasing operational efficiency and revenue generation, while also positioning itself well within the microcap space.
Gryphon Digital Mining's focus on sustainability is a key aspect of their operations. The company uses zero-carbon hydro power for its Scope 1 and Scope 2 emissions, which is an important consideration for investors who prioritize ESG criteria. This commitment to renewable energy not only reduces the company's carbon footprint but also aligns with broader trends towards sustainability in business operations.
The improvement in energy efficiency to 28.6 J/T with the new Bitmain S21 machines is particularly noteworthy. In the context of bitcoin mining, energy efficiency is important because it directly impacts both operational costs and environmental impact. The claim that the new machines are 43% more efficient than their predecessors indicates significant technological advancements. This move not only positions Gryphon as a more sustainable operation but could also lead to lower electricity costs, which is one of the largest expenses for bitcoin miners.
These developments suggest that Gryphon is leveraging cutting-edge technology to enhance both its energy efficiency and its sustainability profile, which can be highly appealing to environmentally conscious investors.
The inclusion of Gryphon Digital Mining in the Russell Microcap Index is a strategic milestone for the company. This index includes the smallest 1,000 companies in the Russell 2000 Index and provides a benchmark for microcap stocks. Being part of this index can enhance Gryphon's visibility among investors and fund managers who track microcap stocks, potentially driving increased trading volumes and liquidity.
Moreover, Gryphon's continuous high uptime of 98% demonstrates robust operational reliability, which is critical for maintaining consistent revenue streams in the volatile bitcoin mining industry. The reported bitcoin efficiency of 24 BTC/EH is another positive indicator, suggesting that Gryphon is effectively utilizing its hashing power to maximize bitcoin production.
Overall, Gryphon's operational efficiencies and strategic index inclusion position the company favorably in the competitive bitcoin mining market, potentially attracting more institutional and retail investors.
Machine Upgrades Set New Company Record in Energy Efficiency
LAS VEGAS, NV / ACCESSWIRE / June 5, 2024 / Gryphon Digital Mining, Inc. (Nasdaq:GRYP) ("Gryphon" or the "Company"), a bitcoin mining company that is independently certified to be
Key highlights for the month:
- Set a new company record in energy efficiency of 28.6 joules per terahash ("J/T")
- Produced approximately 22 bitcoin
- Approximately
$1.4 million in value based on an average May bitcoin price of$65,071
- Approximately
- Achieved bitcoin efficiency of 24 BTC/EH
- Self-mining hashing power of 904 PH/s
98% average up time on mining fleet- Qualified for inclusion in the Russell Microcap Index, effective at the open of US equity markets on July 1st
- Scope 1 and Scope 2[1] operations continue to be
100% electrified by zero-carbon emitting Hydro power
"May marked a pivotal moment for Gryphon as we reaped the rewards of our strategic investment in cutting-edge Bitmain S21 200 TH/s machines," noted Rob Chang, CEO of Gryphon. "This transformative upgrade has lowered our energy efficiency to an average of 28.6 J/T, with our newest machines expected to be an impressive
"Our performance in May was notable with average operating uptime at
Gryphon's commitment to operating at peak efficiency is underscored by its bitcoin efficiency performance of 24 BTC/EH in May, the first full month after the halving event. 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 32 months, or about
The Company held approximately 17 bitcoin in its treasury as of the end of May.
[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.
Conference Schedule:
- World Digital Mining Summit in Las Vegas, NV on June 17th - 18th
- Mining Disrupt in Miami, FL on June 24th - 26th
- Bitcoin 2024 in Nashville, TN on July 25th - 27th
- Blockchain Futurist Conference in Toronto, ON on August 13th - 14th
- H.C. Wainwright 26th Annual Global Investment Conference in New York, NY on September 9th - 11th
- Pacific Bitcoin Festival in Los Angeles, CA on October 18th - 19th
- 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 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
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 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.
View the original press release on accesswire.com
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