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Gryphon Digital Mining, Inc. (NASDAQ: GRYP) is a pioneering Bitcoin mining company dedicated to sustainable and efficient cryptocurrency production. The company’s mission is to be the world's leading net carbon-neutral Bitcoin miner. Gryphon operates a highly specialized digital asset mining operation using application-specific integrated circuit (ASIC) chips to solve complex cryptographic algorithms, thereby supporting the Bitcoin blockchain and earning cryptocurrency rewards, primarily Bitcoin.
Founded with a focus on sustainability, Gryphon is independently certified to utilize 100% renewable energy. The company is also pursuing a carbon-negative strategy, setting an industry benchmark for environmental responsibility. Gryphon’s leadership team comprises experienced professionals from globally recognized brands, ensuring that the company is guided by expertise and innovation.
In recent developments, Gryphon has reported significant achievements:
- Financial Performance: Gryphon announced positive net cash flow for 2023, with a Breakeven Cost per Bitcoin of approximately $18,200. The company's financial results for Q1 2024 showed a breakeven cost per Bitcoin of $34,063, demonstrating industry-leading operational efficiency.
- Operational Milestones: Gryphon’s self-mining hashrate recently reached 0.94 exahash, with plans to expand to 10 exahash. The company achieved new all-time highs in average hashing power and mining efficiency, thanks to the deployment of state-of-the-art Bitmain S21 200 TH/s miners.
- ESG Leadership: Gryphon published its carbon emissions data publicly, the first Bitcoin mining company to do so, underscoring its commitment to transparency and climate goals.
- Market Recognition: Gryphon was included in the Russell Microcap® Index, enhancing its visibility and attractiveness to institutional investors.
- Shareholder Value: The company announced a $5 million share buyback program, reflecting confidence in its strategy and commitment to enhancing shareholder value.
With a robust operational framework and strategic growth initiatives, Gryphon Digital Mining is poised to navigate the challenges of the evolving cryptocurrency landscape and deliver long-term value to its shareholders. For more information, visit Gryphon Digital Mining.
Gryphon Digital Mining (NASDAQ:GRYP) has announced its first step in low-cost power pipeline plans, acquiring up to 2.9 MW of bitcoin mining operations with ultra-low-cost electricity at ~$0.01/kWh. Key highlights include:
1. Power purchase agreements with costs averaging around 1 cent per kilowatt hour
2. Currently running operations equipped with 59 PH/s of bitcoin mining machines
3. Potential to generate around $1M in annual revenue
4. Flexibility for bitcoin mining, high-performance computing, and machine hosting
5. Environmental benefits through the use of flare gas
The $1.5 million acquisition, funded by existing working capital, is expected to be immediately accretive. Gryphon continues to evaluate a pipeline of similar low-cost opportunities for potentially +500 MW, positioning itself as a leading low-cost operator in the post-halving environment.
Gryphon Digital Mining (Nasdaq:GRYP) reported Q2 2024 financial results, highlighting record quarterly hashrate of 899 PH/s, a 20% increase year-over-year. The company achieved a record monthly energy efficiency of 28.5 J/T in June. Total mining revenue was $5.5 million, up from $4.9 million in Q2 2023. The breakeven cost per Bitcoin rose to $45,452 from $34,063 in Q2 2023. Gryphon reported a net loss of $4.0 million, including $2.5 million in non-cash expenses. The company mined 84 Bitcoin in Q2 2024, down from 187 in Q2 2023. Gryphon is focusing on acquiring low-cost power for long-term sustainability and has authorized a $5 million stock repurchase program.
Gryphon Digital Mining (NASDAQ:GRYP), a bitcoin mining company certified as 100% renewable and pursuing a negative carbon strategy, has announced its Q2 2024 earnings conference call. The call is scheduled for Thursday, August 15, 2024, at 10:00 AM Eastern Time. Management will discuss results for the quarter ended June 30, 2024. Investors can join via phone using the toll-free number 877-545-0523 (US) or 973-528-0016 (International) with the participant access code 472122. A webcast will also be available. For those unable to attend, a replay will be accessible using the provided phone numbers and passcode 51063, or via the webcast replay link.
Gryphon Digital Mining (Nasdaq: GRYP) has released its unaudited operational update for July 2024, showcasing continued leadership in bitcoin efficiency and energy efficiency. Key highlights include:
- Bitcoin efficiency of 24 BTC/EH, following a second-place ranking among peers in June
- Monthly average hashrate of 871 PH/s, an 8% increase over July 2023
- Energy efficiency maintained at 28.6 J/T
- Expected production of approximately 21.4 bitcoins, valued at $1.34 million
- 100% renewable energy usage for Scope 1 and 2 operations
CEO Rob Chang emphasized the company's operational consistency and strong base for future growth. Gryphon is actively exploring growth opportunities, focusing on securing low-cost power for long-term viability in the bitcoin mining and high-performance computing space.
Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company focused on renewable energy and negative carbon strategy, has announced that CFO Sim Salzman will be stepping down effective November 15, 2024. Salzman's departure is not related to any financial or accounting issues within the company. He will continue in his role through the filing of the 3rd Quarter 10-Q to ensure a smooth transition and meet upcoming filing deadlines.
CEO Rob Chang expressed gratitude for Salzman's contributions, particularly his role in taking the company public. Gryphon will initiate a search process for a successor and provide updates as appropriate. Salzman stated his confidence in the company's strategy and future prospects, committing to ensure a seamless transition.
Gryphon Digital Mining (NASDAQ:GRYP) has provided an update on its ongoing litigation with Sphere 3D Corp. During a court conference on June 27, 2024, Sphere conceded it would no longer seek to impose liability on Gryphon for a 2023 incident involving the impersonation of Sphere's CFO and a request to transfer 26 bitcoin. This concession eliminates Gryphon's liability for these allegations.
Gryphon maintains that Sphere's remaining allegations lack merit and will continue to defend against them. Meanwhile, Gryphon is pursuing its own claim against Sphere, seeking approximately $45 million in damages for alleged breaches of the MSA. The litigation is currently in the early stages of discovery.
Gryphon Digital Mining (NASDAQ:GRYP) released its Q2/24 operational update, highlighting a 20% YoY growth in hashrate, reaching a company record of 899 PH/s. The company achieved a record monthly energy efficiency of 28.5 J/T in June and produced approximately 84 bitcoin, valued at around $5.5 million based on an average bitcoin price of $65,916 for the quarter. Gryphon's mining fleet maintained a 99.4% uptime in June and the company was included in the Russell Microcap Index as of July 1st.
The company continues to focus on growth, reviewing over 20 opportunities with a focus on High Performance Computing (HPC). Gryphon has also committed to peak operational efficiency, with a bitcoin efficiency of 25 BTC/EH in June and a treasury holding of 16 bitcoin at the end of the quarter.
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.
Gryphon Digital Mining (Nasdaq: GRYP), a bitcoin mining company focused on renewable energy and a negative carbon strategy, is set to join the Russell Microcap® Index. This inclusion, effective July 1, 2024, marks a significant milestone for Gryphon, enhancing its visibility to institutional investors. CEO Rob Chang highlighted the company's progress in bitcoin mining operations, emphasizing operational efficiency and cost-effectiveness. The inclusion in the index is expected to reflect Gryphon's growth and attract more investment. FTSE Russell's CEO, Fiona Bassett, explained that the reconstitution process ensures the indexes remain accurate and relevant.
Gryphon Digital Mining (NASDAQ:GRYP) reported its Q1 2024 financial results, showcasing significant developments. The company achieved total mining revenue of $7.5 million, up from $4.8 million in Q1 2023. Despite this, the net loss increased to $11.7 million compared to $6.9 million in the previous year. The breakeven cost per Bitcoin rose sharply to $34,063 from $12,910 in Q1 2023. Gryphon's self-mining hash rate capacity reached 0.94 exahash, thanks to miner upgrades completed ahead of schedule. A $5 million share buyback program was also announced, indicating confidence in the company's strategy. Current assets total $7.1 million, with total liabilities at $30.2 million. Projections for 2024 estimate a gross profit of $16.6 million, assuming Bitcoin's average price is $70,000.
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