Gryphon Digital Mining Certified as 100% Renewable entering 2024
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Insights
From an environmental sustainability perspective, Gryphon Digital Mining's completion of its second annual carbon emissions assessment is a significant indicator of the company's commitment to Environmental, Social and Governance (ESG) principles. The use of over 98% renewable energy in their operations for the fiscal year 2023 and the progression to 100% renewable energy in 2024, sets a precedent in the bitcoin mining industry, which is often criticized for its high energy consumption and carbon footprint.
The Sustainable Bitcoin certification by Energy Web adds a layer of credibility, as it is the result of collaboration with key stakeholders in the asset management and clean energy sectors. Gryphon's alignment with these standards could attract ESG-focused investors and potentially increase shareholder value. However, it is important to monitor whether these environmental efforts translate into cost efficiencies or if they might lead to higher operational costs in the short term.
As an energy sector analyst, the transition to 100% renewable energy by Gryphon Digital Mining is noteworthy within the context of the broader energy market. Renewable energy sources often come with variable costs and supply stability challenges. Gryphon's ability to secure a renewable energy supply that meets their operational demands may signal a maturing renewable energy market capable of supporting energy-intensive industries like cryptocurrency mining.
Furthermore, Gryphon's partnership with CarbonChain for precise emissions measurement demonstrates a proactive approach to ESG reporting. This could serve as a competitive advantage, especially as regulatory frameworks around carbon emissions tighten globally. However, the scalability of Gryphon's renewable energy model in the face of expansion and the volatility of cryptocurrency markets remains a critical factor to watch.
Analyzing from a cryptocurrency market standpoint, Gryphon Digital Mining's emphasis on zero-emissions mining could influence the perception of Bitcoin's environmental impact. As the first bitcoin miner to receive the Green Proofs for Bitcoin certification, Gryphon positions itself as a leader in sustainable mining practices.
Investors are increasingly scrutinizing the environmental impact of their investments and Gryphon's commitment to carbon negativity may enhance its attractiveness to a growing segment of environmentally conscious investors. However, it is essential to evaluate the long-term sustainability of Gryphon's business model in light of the volatile nature of cryptocurrency prices and the potential for increased regulatory scrutiny of the environmental impact of mining operations.
Gryphon Digital Mining Completes Second Annual Carbon Emissions Assessment Audit with Top Results
In fiscal year 2023, Gryphon used over
This news follows Gryphon's announcement last year of becoming the first bitcoin miner to receive the Sustainable Bitcoin certification by Energy Web, an independent non-profit that develops open-source software for clean energy solutions. This certification known as Green Proofs for Bitcoin ("GP4BTC"), is a first-of-its kind initiative to establish an independent, standardized energy measurement system for the Bitcoin mining industry and represents over two years of collaborative work between Gryphon, Energy Web, and some of the world's largest asset managers and clean energy research organizations.
"Proving to our investors and the market that we have kept and exceeded our promises to remain ESG-focused, with transparent reporting of our carbon emissions, or lack thereof, solidifies our commitments and our leadership in this industry. In the 2023 financial year,
"Gryphon is a pioneer in the realm of zero-emissions bitcoin mining, with a limited carbon footprint thanks to its now exclusive use of renewable energy," said Adam Hearne, CEO of CarbonChain.
To learn more about Gryphon, please visit https://gryphondigitalmining.com/.
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
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SOURCE Gryphon Digital Mining Inc.
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