Gryphon Digital Mining Announces September Operational Update
Gryphon Continues to Lead in Bitcoin Mining Efficiency
LAS VEGAS, Oct. 21, 2022 /PRNewswire-PRWeb/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon neutral bitcoin miner, announces its September operational update.
Key highlights for the month:
- Bitcoin production of approximately 80 bitcoin-equivalent coins
- Top performing bitcoin efficiency of 122 BTC/EH
- Average hashing power of 656 PH/s
Mining Operations:
For the month of September, Gryphon mined approximately 80 bitcoin-equivalent coins from its self-mining operations on average hashing power of 656 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.
September's performance translates into a bitcoin efficiency rating of 122 BTC/EH. Gryphon's production results placed it first among a peer group of companies whose efficiency has been publicly reported and which collectively had an average score of 105[1] BTC/EH. Since it commenced operations in September 2021, Gryphon has consistently placed among the top three of those companies providing publicly available bitcoin efficiency scores - placing at or tied for first in seven of the first nine months of this year.
Month over month, the number of coins mined decreased by approximately 3% from the 95 bitcoin-equivalent coins mined by the Company in August 2022. Average hashing power by the Company decreased by 16% for the month to 656 PH/s as scheduled maintenance at our mining facility led to suboptimal performance for three days. Gryphon's bitcoin efficiency for September decreased by 13% from August but remained the top performing operation among publicly reporting companies for the month. By comparison, the global network hashrate increased by 9% from August[2] as we believe prior purchase contracts continue to be fulfilled by mining machine manufacturers.
"We are delighted to report that we are continuing to operate at a premier level as our bitcoin efficiency scores topped the reporting peer group for the third month in a row and for the seventh out of the first nine months of the year," noted CEO and Director, Rob Chang. "As we remain in the current, challenging economic environment, we believe we are well positioned operationally."
Corporate Update:
Our capital discipline has kept us on the sidelines as we watched the price of mining equipment and operating facilities come down towards our target levels over the course of the year. We remain vigilant as we wait for the opportune time to deploy our available capital.
To learn more about Gryphon, please visit https://gryphondigitalmining.com/ and follow Gryphon 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/1581605280994844672?s=20&t=ucW7qzKc-cOU5waqoosc5w
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 PR Revolution
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