09/04/2024 | Press release | Archived content
In a lively discussion, Roundtable's anchor, Rob Nelson, encouraged George Tung, Host of CryptosRUs, to ask Rob Chang, CEO of Gryphon Digital Mining some hard-hitting questions.
The conversation quickly delved into critical issues within the mining industry, including miner capitulation and Gryphon's strategic direction.
Tung opened by asking, "Do you think miner capitulation has hit?" He referenced data indicating that miners were selling off after the halving event, suggesting that the industry might be approaching a pivotal moment. Tung further inquired, "Are you guys planning on doing something similar to [Marathon Digital,] for example, who have just raised $300 million more to buy Bitcoin?"
Chang responded candidly, noting, "I think we're on our way there for some." He explained, "We've certainly seen more of my peers either privately or publicly announced sales or strategic searches on what to do." However, Chang was cautious, stating, "I would say not necessarily capitulation has hit yet because the valuations that they're asking for are still, in my opinion, a little too high and quite frankly unrealistic."
When discussing the idea of raising funds to purchase Bitcoin, Chang drew on his experience as a former commodity analyst, pointing out, "You don't see many, if any, commodity companies buying more of the commodity they produce." He added, "If an investor wants to be exposed to Bitcoin or Gold, they'll just buy Bitcoin or gold." Chang emphasized that Gryphon is focused on growth, saying, "Holding Bitcoin for an investor's sake, I don't think that makes sense as part of working capital."
Instead, Gryphon is prioritizing expanding its operations rather than following the trend of acquiring more Bitcoin.