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Gryphon Digital Mining, Inc. (NASDAQ:GRYP) ("Gryphon" or the "Company"), a bitcoin mining company that is focused on low-cost, efficient operations with an ESG focus, has released its unaudited operational update for August 2024.
Key August highlights:
Ultra Low-Cost Operation Acquisition: Entry into an agreement to acquireup to 2.9 megawatts ("MW") of currently running operations equipped with 59 PH/s of bitcoin mining machines. Power purchase agreements with per kilowatt hour ("kWh") costs averaging around 1 cent
+500 MW power pipeline: Gryphon continues to evaluate a pipeline of similar low-cost opportunities for potentially +500 MW
Leading Bitcoin Efficiency: Achieved bitcoin efficiency of 22 BTC/EH for the month of August, following a top third result among publicly disclosing peers in July
Improved Hashrate: Monthly average hashrate of 883 PH/s, an 8% increase over August 2023
Strong Energy Efficiency: Improved our leading energy efficiency to 28.5 joules per terahash ("J/T")
Bitcoin Production: Expect to have produced approximately 20 bitcoin
Projected approximately $1.2 million in value based on an average bitcoin price for the month of $60,103
Sustainable Operations: Scope 1 and Scope 2[1] operations at its Northeastern U.S. operations continue to be 100% electrified by zero-carbon emitting hydro power
Return of Founding Member to the Board: Gryphon welcomes the return of Dan Tolhurst, who brings nearly two decades of experience founding, leading, and investing in innovative companies across multiple sectors with a pedigree consisting of Netflix, Walt Disney, Booz & Company, and Bank of Montreal
Posted In: GRYP
