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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 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.
Gryphon Digital Mining, Inc. (NASDAQ:GRYP) will host a conference call on May 14, 2024, to discuss first-quarter results. The company is certified as 100% renewable and focuses on a negative carbon strategy.
Gryphon Digital Mining, Inc. (NASDAQ:GRYP) announced its April operational update, revealing key highlights such as producing approximately 40 bitcoins valued at $2.6 million, achieving a record average self-mining hashing power of 914 PH/s, and an efficiency improvement to 28.7 J/T. The company remains committed to running operations sustainably with 100% renewable energy sources. Gryphon also shared details about machine upgrades and upcoming conferences for networking and industry participation.
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