Gryphon Digital Mining Announces October Operational Update
Taking advantage of market conditions for opportunistic growth
LAS VEGAS, Nov. 23, 2022 /PRNewswire-PRWeb/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon-neutral bitcoin miner, announces its October operational update.
Key highlights for the month:
- Bitcoin production of approximately 81 bitcoin-equivalent coins
- Top tier bitcoin efficiency of 115 BTC/EH
- All-time high average hashing power of 703 PH/s
- Opportunistic acquisition of 30 PH/s of bitcoin miners
- Master Services Agreement ("MSA") partner has confirmed 1.7 EH/s of upcoming Bitcoin hashrate capacity
Mining Operations:
For the month of October, Gryphon mined approximately 81 bitcoin-equivalent coins from its 313422989.3 self-mining operations on average hashing power of 703 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.
October's performance translates into a bitcoin efficiency rating of 115 BTC/EH. Gryphon's result placed it second among a peer group of companies whose efficiency has been publicly reported and collectively had an average score of 105 BTC/EH[1]. Since it commenced operations in September 2021, Gryphon has consistently placed among the top three of these publicly available bitcoin efficiency scores - placing at or tied for first in seven of the first ten months of the year.
Month over month, the number of coins mined increased by approximately 1% from the 80 bitcoin-equivalent coins mined by the Company in September 2022. Average hashing power by the Company increased by 7% for the month to 703 PH/s as inefficiently operating miners were optimized. Gryphon's bitcoin efficiency for September decreased by 6% from September but remained among the top performing operations for the month. By comparison, the global network hashrate increased by 14% from September[2] as prior purchase contracts continue to be fulfilled by mining machine manufacturers.
Opportunistic Growth:
While the cryptocurrency market has suffered from a crisis of confidence over recent news regarding FTX and subsequent contagion from its failure, Gryphon has taken the opportunity to capitalize on these events through the acquisition of additional bitcoin miners at market low valuations. The Company has acquired 30 PH/s of machines that it expects to have deployed before the end of the month. This will grow Gryphon's self-mined total hashrate to 0.75 EH/s.
MSA Royalty Strengthened:
Since our last update, our MSA partner confirmed that it has secured 1.7 EH/s in total bitcoin mining capacity with its machine manufacturer. This figure is inclusive of the number of machines currently in operation but which contribute a minor portion to Gryphon's current production. At full deployment, our 22.5% MSA on the 1.7 EH's would give Gryphon an effective royalty stream on 382.5 PH/s.
"We are delighted to note that our MSA partner has confirmed its upcoming bitcoin mining
potential of 1.7 EH/s," noted CEO and Director, Rob Chang. "Our resultant royalty stream of an effective 382.5 PH/s gives Gryphon a total revenue generating profile (including Gryphon's self- mined total hashrate) of over 1.1 EH/s on a cost basis of only 0.75 EH/s. This unique structure should place Gryphon in a strong position to be among the lowest cost-per-bitcoin operators in the industry."
We continue to stick with the capital discipline that has kept us mostly on the sidelines as we watched the price of mining equipment and operating facilities come down towards our target levels. While we have begun taking some action on excellent opportunities, we remain vigilant for more.
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/.
Sources:
[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/1591055324370313216?s=46&t=_0nPZm8bdFtkaL8vH5IE4w
Gryphon includes the bitcoin-equivalents obtained from its Master Services Agreement in its calculation of Bitcoin Efficiency.
[2] 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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