Gryphon Digital Mining Announces July Operational Update
21% Increase in Bitcoin Mined Month over Month
LAS VEGAS, Aug. 15, 2022 /PRNewswire-PRWeb/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon neutral bitcoin miner, announces its July operational update.
Key highlights for the month:
- New all-time high bitcoin production for Gryphon of approximately 85 bitcoin-equivalent coins
- Top tier bitcoin efficiency of 139 BTC/EH
- Average hashing power of 613 PH/s
Mining Operations
For the month of July, Gryphon mined approximately 85 bitcoin-equivalent coins from its self-mining operations on average hashing power of 613 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.
July's performance translates into a bitcoin efficiency rating of 139 BTC/EH. For the prior month of June, Gryphon's 129 BTC/EH would place it second among a peer group of companies whose efficiency has been publicly reported and collectively had an average score of 108 BTC/EH [1]. Since it commenced operations in September 2021, Gryphon has consistently placed at or near the top of these publicly available bitcoin efficiency scores and placed either first or second within that group for the first six months of 2022, with the highest efficiency in that group in four months and second highest in two months.
Month over month, the number of coins mined increased by approximately 21% from the 71 bitcoin-equivalent coins mined by the Company in June 2022. Average hashing power by the Company increased by 12% for the month as additional shipments from Bitmain were received and deployed. Gryphon's bitcoin efficiency for July increased by 8% from June. By comparison, the global network hashrate declined by 6% from June [2]; we believe this decline to be due to the sustained lower price of bitcoin from prior levels causing additional high-cost miners to shut down in response.
"We are delighted to see that our focus towards operational execution is continually reflected in our top tier bitcoin efficiency results," noted CEO and Director, Rob Chang.
"This dedication to optimizing our operations has contributed to our capital position, which allows us to scour the market for opportunities"
Corporate Update
We are pleased to report that Gryphon has completed all payments for machines and currently does not have any other investment capital payment obligations.
We continue to search for opportunities to further enhance our business. However, we remain focused on being responsible stewards of capital. While the prices of new bitcoin mining machines are significantly off their all-time highs, we prefer to focus on payback and return metrics as opposed to relative value. As such we remain patient as we look to continue our track record of capital deployment that has led us to build our company at a cost of $29/TH versus an industry average of $94/TH[3].
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 Digital 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/1554254834118836224?s=20&t=E1t19HD6ALUhmW_4Vpst9g.
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
3) Data as of Q1/22
Media Contact
Elyse Bender-Segall, PR Revolution, (516) 901-9095, [email protected]
SOURCE Gryphon Digital Mining
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