Gryphon Digital Mining Inc.

08/21/2024 | Press release | Archived content

Gryphon Digital Acquires Flare Gas Powered Bitcoin Mining Operations

Gryphon Digital Mining is committed to mining Bitcoin in a way that is both profitable and carbon neutral. And now they are expanding their operations through a new acquisition.

‍What's happening:‍

  • Gryphon Digital Mining (NASDAQ: GRYP) has acquired a new Bitcoin mining operation based in Louisiana that is powered by ultra low cost electricity

Why it matters:‍

  • Following the latest Bitcoin halving which reduces the total rewards for mining, Bitcoin miners have had to look for ways to reduce the cost of electricity required to run their operations in order to remain profitable

By the numbers:‍

  • The Louisiana based Bitcoin mining operations have capacity of up to 2.9 megawatts
  • The cost of power that Gryphon Digital Mining expects to pay for the new Bitcoin mining facility is approximately $0.01 per kilowatt hour
  • Gryphon Digital Mining believes that they can generate approximately $1M USD in revenue from the new operations once they are running at full capacity

Going deeper:‍

  • The Bitcoin mining operations being acquired by Gryphon Digital Mining are powered by flare gas, which is typically a byproduct of producing oil
  • Being able to leverage gas that would otherwise be wasted and turn it into a renewable energy source for Bitcoin mining is a highly effective way of reducing the total amount of carbon dioxide emissions that ultimately get released into the atmosphere
  • Gryphon Digital Mining has been a first mover in leveraging renewable energy sources to mine Bitcoin in a carbon neutral way, previously earning a Sustainable Bitcoin Certification from non-profit Energy Web

The intrigue:‍

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