Record monthly production with top tier mining efficiency
Gryphon Digital Mining, Inc. a leading net carbon neutral bitcoin miner has positively reported its May operational update. Set the production rate approximately 61 bitcoin-equivalent coin mined within May 2022. With top bitcoin efficiency of 132 BTC/EH for May 2022. and 468 PH/s on average hashing power. Resulting an impressed by sheer mining performances.
For the month of May, Gryphon mined approximately 61 bitcoin-equivalent coins from its self-mining operations on average hashing power of 468 PH/s for the month combined with its bitcoin-equivalent generated fees from the Company’s 22.5% net operating profit interest from a Master Services Agreement with a third party. This translates into top-tier bitcoin efficiency of 132 BTC/EH relative to the recent peer average of 121 BTC/EH for April 2022.
Month over month, the number of coins mined increased by approximately 10% from the 56 bitcoin-equivalent coins mined by the Company in April 2022 as additional machines were placed online. Average hashing power by the Company increased by 14% for the month and is expected to continue to grow as additional shipments from Bitmain are received and deployed. Gryphon’s bitcoin efficiency for May declined by 3% month over month as a 5% monthly increase in total global network hashrate drove down efficiency for all miners.
“We are delighted to report a record setting month of production at Gryphon while remaining a market leader in bitcoin efficiency,” noted CEO and Director, Rob Chang. “As the industry matures, operational execution will be a key area of focus for analysts and this remains a key area of focus for our team”.
Gryphon is pleased to announce that it has secured approximately $28 million in non-dilutive, low-cost debt. The Company is using a portion of the proceeds to retire higher cost convertible notes with the balance to be used to fund strategic initiatives that it may explore as a result of the current bitcoin price environment.
Gryphon continues to operate machines for a third party under a Master Services Agreement pursuant to which it has a 22.5% net operating profit interest in exchange for the management of the third party’s blockchain-related businesses. The Company expects this to translate into an effective interest of up to 1.35 EH/s of hashing power by the end of 2022. Combined with Gryphon’s expected 0.72 EH/s self-mining operation by the end of 2022, the Company expects to have total attributable hashing power of up to 2.1 EH/s by the end of the year.
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 Digital is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation has a net carbon-negative strategy.
Bitcoin Efficiency is a measure of the number of bitcoin generated per exahash of hashing power deployed.
Check the Hash-rate here at: https://www.blockchain.com/charts/hash-rate
SOURCE Gryphon Digital Mining