Gryphon Digital Mining (NASDAQ: GRYP), a leader in sustainable Bitcoin mining, reported an exceptional Q2 2024, breaking company records in hashrate and energy efficiency.
Gryphon’s hashrate, which measures its computing power for Bitcoin mining, soared to a record 899 petahashes per second (PH/s) in Q2, a 20% increase from the same period last year. This growth shows Gryphon’s ongoing commitment to expanding operations while maintaining its focus on environmentally friendly practices.
Gryphon also achieved a significant milestone in energy efficiency. In June, the company set a new record of 28.5 joules per terahash (J/T). This metric measures the energy required to generate one terahash of computing power. Lower J/T values indicate superior efficiency, and Gryphon’s achievement positions it as a leader in sustainable Bitcoin mining.
Gryphon’s operational improvements result in financial gains. The company estimates producing approximately 84 bitcoins in Q2, valued at $5.5 million based on the average Bitcoin price during the quarter. This positive outlook is further supported by Gryphon’s qualification for inclusion in the Russell Microcap Index, effective July 1st, 2024. This inclusion broadens investor exposure to the company and strengthens its financial standing.
Gryphon is unwavering in its commitment to sustainability, making it a cornerstone of their operations. The company uses 100% zero-carbon emitting hydropower for its Scope 1 and Scope 2 emissions, minimizing its environmental footprint. This focus on clean energy positions Gryphon as a leader in responsible Bitcoin mining.
Beyond their impressive J/T ratio, Gryphon consistently ranks among the top performers in publicly available Bitcoin efficiency scores. In June, their efficiency reached 25 BTC/EH, placing them near the top of the leaderboard. This consistent performance underscores Gryphon’s dedication to optimizing operations and maximizing returns.
Looking ahead, Gryphon is actively exploring growth opportunities. The company has reviewed over 20 potential ventures and conducted thorough due diligence, including legal assessments and site visits. Their selection criteria prioritize opportunities that will significantly impact their business.
Gryphon’s growth strategy includes the potential for designing High-Performance Computing (HPC) operations. Integrating HPC capabilities could offer new avenues for revenue generation and further solidify Gryphon’s position within the broader technology landscape.
About Gryphon Digital Mining
Gryphon Digital Mining is a leader in integrating Bitcoin with clean energy. Their experienced team brings expertise from global leaders, assembling thought leaders to strengthen digital asset network infrastructure. Gryphon focuses on environmental responsibility. Its Bitcoin mining operations are certified 100% carbon neutral, aiming for a carbon-negative strategy, removing more carbon than it produces.
Learn more about Gryphon’s innovative Bitcoin mining approach at http://gryphondigitalmining.com/
Investor Contact Details
Name: James Carbonara (Hayden IR)
Phone No: (646)-755-7412
Email: james@haydenir.com
