Record self-mining hashing power achieved
LAS VEGAS, Feb. 13, 2024 /PRNewswire-PRWeb/ — Gryphon Digital Mining, Inc. (Nasdaq: GRYP) (“Gryphon” or the “Company”), a company on a mission to become a leading carbon-negative bitcoin miner, has released its operational update for January 2024.
Key highlights for the month:
- Produced approximately 58 bitcoin-equivalent coins
- Recorded bitcoin efficiency of 68 BTC/EH[1]
- Company record average self-mining hashing power of 864 PH/s
- Total attributable hashing power of about ~1.3 EH/s
During January, Gryphon mined approximately 58 bitcoin-equivalent coins while posting a Company record average self-mining hashing power of 864 PH/s and total attributable hashing power of approximately 1.3 EH/s. The month’s performance translated 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, or a reduction of about 16%. December’s performance ranked second among publicly disclosing peers, which averaged 66 BTC/EH for the month. In 2023, Gryphon’s bitcoin efficiency ranked at or tied for first in 9 out of the 12 months of the year, averaging 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 these publicly available bitcoin efficiency scores – ranking at or tied for first in 18 of the 27 months, or two-thirds of the time.
Month over month, the 58 bitcoin-equivalent coins mined in January decreased by approximately 14% from December production of 68 BTC. The average self-mining hashing power by the Company increased by 2% to a Company record 864 PH/s as the purchase of newer generation S19k Pros were installed, offsetting the impact of the termination of mining for 134 S19j Pro miners that were formerly hosted at a non-carbon neutral site, which then accounted for approximately 1% of Gryphon’s self-mining operations. Total attributable hashing power remained at 1.3 EH/s.
Nasdaq Debut
We are delighted to have commenced trading on the Nasdaq under the ticker symbol “GRYP” as of February 9, 2024.
2024 Plans
Now that the Company is listed on Nasdaq, we look forward to the opportunity to aggressively expand through machine purchases and M&A opportunities. With the halving just around the corner in April, our strategy is to maintain our focus towards staying on the lower end of the mining operation cost curve, continuing to be among the most operationally efficient miners, and remaining among the most efficient in deploying the capital we receive.
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