Gryphon Digital Mining Announces August Operational Update
Company Record 95 Bitcoin Mined for the Month
LAS VEGAS, Sept. 20, 2022 /PRNewswire-PRWeb/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon neutral bitcoin miner, announces its August operational update.
Key highlights for the month:
- New all-time high bitcoin production for Gryphon of approximately 95 bitcoin-equivalent coins
- Top tier bitcoin efficiency of 141 BTC/EH
- Average hashing power of 676 PH/s
Mining Operations
For the month of August, Gryphon mined approximately 95 bitcoin-equivalent coins from its self-mining operations on average hashing power of 676 PH/s combined with its bitcoin-equivalent generated fees from the Company's 22.5% net operating profit interest from a Master Services Agreement with a third party.
August's performance translates into a bitcoin efficiency rating of 141 BTC/EH. For the prior month of August, Gryphon's 139 BTC/EH[1] would place it third among a peer group of companies whose efficiency has been publicly reported and collectively had an average score of 119 BTC/EH. Since it commenced operations in September 2021, Gryphon has consistently placed among the top three of these publicly available bitcoin efficiency scores.
Month over month, the number of coins mined increased by approximately 11% from the 85 bitcoin-equivalent coins mined by the Company in August 2022. Average hashing power by the Company increased by 10% for the month to 676 PH/s. Gryphon's bitcoin efficiency for August increased by 1% from July[2]. By comparison, the global network hashrate increased by 5% from July; we believe this increase to be due to the continued fulfillment of purchase contracts by manufacturers.
"With the expected increase in the global network hashrate, a bitcoin miner's focus on operational efficiency is more important than ever as competition for bitcoin rewards grows," noted CEO and Director, Rob Chang. "Gryphon's consistent history of top tier bitcoin efficiency demonstrates our commitment towards operational execution."
Corporate Update
As we continue to search for opportunities to further enhance our business, we are keeping a close eye on equipment and hosting prospects. We plan to continue to prioritize short payback periods in our capital deployment analysis and do not plan to pursue deals that we believe only appear attractive relative to the inflated price scenarios we have observed over the past 12 months.
To learn more about Gryphon, please visit https://gryphondigitalmining.com/ and follow us on twitter @GryphonMining
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the cryptocurrency 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/.
[1] Bitcoin Efficiency is a measure of the number of bitcoin generated per exahash of hashing power deployed. Source: https://twitter.com/cazenove_uk/status/1569312280919117825
Gryphon includes the bitcoin-equivalents obtained from its Master Services Agreement in its calculation of Bitcoin Efficiency.
[2] Source: https://www.blockchain.com/charts/hash-rate
Media Contact
Elyse Bender-Segall, PR Revolution, (516) 901-9095, [email protected]
SOURCE Gryphon Digital Mining
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