Record Monthly Hashrate as Growth Continues
LAS VEGAS, Dec. 23, 2022 /PRNewswire-PRWeb/ — Gryphon Digital Mining, Inc. (“Gryphon,” “Gryphon Mining,” or the “Company”), a leading net carbon-neutral bitcoin miner, announces its November operational update.
Key highlights for the month:
-
Bitcoin production of approximately 75 bitcoin-equivalent coins
-
Top level bitcoin efficiency of 106 BTC/EH
-
All-time high average hashing power of 717 PH/s
-
Royalty Stream Partner[1] commences mining operations with 2,655 machines – increasing hashing power to 365 PH/s
Mining Operations
For the month of November, Gryphon mined approximately 75 bitcoin-equivalent coins from its self-mining operations on average hashing power of 717 PH/s combined with its bitcoin– equivalent generated royalty fees from the Company’s 22.5% net operating profit interest from a Master Services Agreement (“MSA”) with a third party.
November’s performance translates into a bitcoin efficiency rating of 106 BTC/EH. Gryphon’s result placed it tied for first among a peer group of companies whose efficiency has been publicly reported and which collectively had an average score of 94 BTC/EH[2] . Since it commenced operations in September 2021, Gryphon has consistently placed among the top three of these publicly available bitcoin efficiency scores – placing at or tied for first in eight of the first eleven months of the year.
Month over month, the number of coins mined decreased by approximately 1% from the 81 bitcoin-equivalent coins mined by the Company in October 2022. Average hashing power by the Company increased by 2% for the month to a record 717 PH/s as newly purchased machines were energized and inefficiently operating miners were addressed. Gryphon’s bitcoin efficiency for November decreased by 8% from October but remained among the top performing operations for the month.
Royalty Stream Partner Energizes 2,655 Additional Machines:
Gryphon is delighted to report that our Royalty Stream Partner has commenced mining with an additional 2,655 miners out of a batch of 4,026 machines. In total, our Royalty Stream Partner has reported aggregate hashing power of 365 PH/s to date with nearly 12,000 more machines on their way to the U.S. Gryphon’s MSA with the third party allows for an effective royalty stream on all of its blockchain operations. At full deployment, our 22.5% MSA on our Royalty Stream Partner’s announced 1.7 EH of potential capacity would give Gryphon an effective royalty stream on 382.5 PH/s.
“We congratulate our Royalty Stream Partner on its successful deployment of 2,655 bitcoin miners and look forward to the deployment of the remaining machines from this current 4,026 batch, and the overall expected receipt of over 16,000 machines. We are additionally excited at the deployment of the remaining ~12,000 miners and look to support our Royalty Stream Partner where needed,” noted CEO and Director, Rob Chang. “Our potential royalty stream based on announced capacity of an effective 382.5 PH/s gives Gryphon a total revenue generating profile (including Gryphon’s self-mined total hashrate) of over 1.1 EH/s on a cost basis of only 0.75 EH/s. This unique structure should place Gryphon in a strong position to be among the most efficient bitcoin miners in the industry.”
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 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/.
Source:
[1] Previous operational updates noted the Royalty Stream Partner as the MSA Partner
[2] Bitcoin Efficiency is a measure of the number of bitcoin generated per exahash of hashing power deployed. Source: Twitter and company reports. Gryphon includes the bitcoin equivalents obtained from its Master Services Agreement in its calculation of Bitcoin Efficiency.
Media Contact
Elyse Bender-Segall, PR Revolution, (516) 901-9095, elyse@prrevolution.com
Rob Chang, Gryphon Digital Mining, (877) 646-3374, invest@gryphonmining.com
SOURCE Gryphon Digital Mining
