Gryphon Digital Mining, Inc. (Nasdaq: GRAB) released its operational update for January 2024, highlighting the following achievements:
– Produced approximately 58 bitcoin-equivalent coins
– Recorded bitcoin efficiency of 68 BTC/EH
– Set a company record for average self-mining hashing power of 864 PH/s
– Achieved a total attributable hashing power of about ~1.3 EH/s
During January, Gryphon was able to mine approximately 58 bitcoin-equivalent coins while also reaching record average self-mining hashing power of 864 PH/s and total attributable hashing power of approximately 1.3 EH/s. This performance translates into a bitcoin efficiency rating of 68 BTC/EH.
The company’s bitcoin efficiency performance declined from its December 2023 mark of 81 BTC/EH, representing a reduction of about 16%. However, December’s performance ranked second among publicly disclosing peers, averaging 66 BTC/EH for the month. Moreover, Gryphon’s bitcoin efficiency ranked at or tied for first in 9 out of the 12 months of 2023, with an average of 86 BTC/EH vs a peer annual average of 71 BTC/EH. Since Gryphon commenced operations in September 2021, it has consistently placed among the top three of publicly available bitcoin efficiency scores – ranking at or tied for first in 18 of the 27 months.
In January, the company mined 58 bitcoin-equivalent coins, marking a decrease of approximately 14% from December when they produced 68 BTC. However, the average self-mining hashing power by the company increased by 2% to a record 864 PH/s due to the installation of newer generation S19k Pros. Total attributable hashing power remained at 1.3 EH/s.
Gryphon is delighted to have commenced trading on the Nasdaq under the ticker symbol “GRYP” as of February 9, 2024. Looking ahead to 2024, the company aims to aggressively expand through machine purchases and M&A opportunities.
A key goal is to maintain a focus on staying on the lower end of the mining operation cost curve, continuing to be among the most operationally efficient miners, and being efficient in deploying the capital they receive.
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team, the company is focused on improving digital asset network infrastructure. Its Bitcoin mining operation has a net carbon-negative strategy. To know more, visit Gryphon Digital Mining’s official website at https://gryphondigitalmining.com/.
The above includes forward-looking statements that are subject to numerous risks and uncertainties. Therefore, Gryphon disclaims any duty to update any forward-looking statements. It also cautions that the forward-looking statements contained in this press release are subject to the risks set forth in their filings with the Securities and Exchange Commission (the “SEC”), which includes the section entitled “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC by Gryphon
on January 8, 2024.
For further investor contact, please reach out to:
Name: Rob Chang
Company: Gryphon Digital Mining, Inc.
Phone Number: (877) MINE-ESG (877) 646-3374
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