100% Renewable Gryphon Digital Sets New Company Quarterly Hashrate Record In Q2 2024
KEY POINTS
- Gryphon's second quarter 2024 hashrate of 899 PH/s marks a 20% growth from Q2 2023
- The company also reached a record monthly performance in energy efficiency
- It was recently included in the prestigious Russell Microcap Index
Bitcoin mining company Gryphon Digital Mining has released its second quarter 2024 operational update, revealing that it set a new company record in quarterly hashrate of 899 PH/s (petahash per second), marking a 20% increase year-over-year.
NASDAQ-listed Gryphon Digital (GRYP), which is independently certified to be 100% renewable, also hit a record monthly performance in energy efficiency at 28.5 joules per terahash (J/T) in June. It achieved Bitcoin efficiency of 25 $BTC/EH (exahash) in June.
"We expect to have earned Bitcoin valued at approximately $5.5 million for the second quarter of the year, based on an average Bitcoin price of $65,916. This includes the production of approximately 22 Bitcoin in the month of June at an average Bitcoin price for the month of $66,170," Rob Chang, CEO of Gryphon, said in a statement to International Business Times.
Las Vegas-based Gryphon Digital also logged a 99.4% mining average up time in the month and produced approximately 84 Bitcoins in the second quarter. The company held approximately 16 Bitcoin in its treasury as of June-end.
"Gryphon continues to improve its efficiency levels by setting a new company record of 28.5 J/T for the month of June and combined with the realization of our inclusion in the prestigious Russell Microcap Index effective July 1st, we believe the Company is maintaining its upward trajectory in the Bitcoin mining industry," Chang noted.
In terms of emissions operations, the company's Scope 1 and Scope 2 emissions "continue to be 100% electrified by zero-carbon emitting hydro power." Scope 1 emissions are direct emissions from sources owned or controlled by Gryphon, while Scope 2 emissions are indirect emissions from generating energy through purchased electricity, steam, heating, and cooling consumed by the company.
Since kicking off operations in September 2021, Gryphon has consistently ranked among publicly available Bitcoin efficiency scores – ranking at or tied for first in 17 of the last 33 months, or an estimated 52% of the time. Gryphon's performance of 24 Bitcoin per exahash (BTC/EH) in May was 3rd among miners that publicly disclosed their efficiency scores.
Moving forward, Gryphon is focused on evaluating growth options. It has reviewed more than 20 different opportunities and is looking forward to pursuing opportunities "that meet our strict selection criteria that focuses on accretion and have a meaningful impact."
Gryphon has a full-loaded 2024 as it is due to appear in some of the biggest cryptocurrency events across the country, including the much-anticipated Bitcoin 2024 conference in Nashville later this month, and the Pacific Bitcoin Festival in Los Angeles in October.
The company is on a mission to achieve a carbon-negative strategy. It is committed to transparency as a key driver in obtaining a sustainable future in the Bitcoin mining industry.