Record Results Continue; Looking to Capitalize on Current Environment
LAS VEGAS, July 11, 2022 /PRNewswire-PRWeb/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon neutral bitcoin miner announces its June operational update.
Key highlights for the month:
- Record setting production of approximately 71 bitcoin-equivalent coins
- A market leader with bitcoin efficiency of 129 BTC/EH
- Average hashing power of 548 PH/s
Mining Operations:
For the month of June, Gryphon mined approximately 71 bitcoin-equivalent coins from its self-mining operations on average hashing power of 548 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.
June's performance translates into a bitcoin efficiency rating of 129 BTC/EH. Since it commenced operations in September 2021, Gryphon has consistently placed at or near the top of publicly available bitcoin efficiency scores. For the prior month of May, Gryphon's 132 BTC/EH was the highest among its public peers who collectively had an average score of 107 BTC/EH[1].
Month over month, the number of coins mined increased by approximately 15% from the 62 bitcoin-equivalent coins mined by the Company in May 2022 as additional machines were placed online. Average hashing power by the Company increased by 17% for the month and is expected to continue to grow as additional shipments from Bitmain are received and deployed. Gryphon's bitcoin efficiency for June declined by 2% from May. By comparison, the global network hashrate for June declined by 2% from May[2] as we believe the decrease in the price of bitcoin caused some higher cost miners to shut down in response.
"Bitcoin efficiency is the single most important measure of operational execution since it measures production over available capacity," noted CEO and Director, Rob Chang. "The Gryphon team is focused on this measure and we believe our stellar results comes as a product of this dedication".
Corporate Update:
In our view, with the recent decline in the price of bitcoin, we have observed some companies in the space showing signs of distress as optimistic and over-aggressive plans become challenged. With our low-cost, cash flow positive operations and our modest amount of approximately $28 million in secured, non-dilutive, low interest debt, Gryphon has positioned itself to be able to take advantage of opportunities that may come as a result.
While debt has become an area of concern for the industry, Gryphon is pleased to highlight that its recently obtained loan was borrowed in bitcoin and is payable in bitcoin, which disconnects the company from dollar denominated price risk with regard to this debt.
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/.
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/1535651799461507073?s=20&t=qp2DXR0Ohb1B0e5YhlIrQA Gryphon includes the bitcoin-equivalents obtained from its Master Services Agreement described in this paragraph in its calculation of Bitcoin Efficiency.
[2] Source: https://www.blockchain.com/charts/hash-rate
Media Contact
Rob Chang, Gryphon Digital Mining, (877) 646-3374, [email protected]
SOURCE Gryphon Digital Mining
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