Home CryptoBitcoin Gryphon Released May 2022 BitCoin Mining Update With Great Result.

Gryphon Released May 2022 BitCoin Mining Update With Great Result.

by Lion Thongchat

Record monthly production with top tier mining efficiency

#Crypto #Cryptocurrency #Blockchain #Metaverse #DeFi #Web3 #Bitcoin #Ethereum #Gryphon #Digital #Mining #Hash #Rate

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.

Mining Operations

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”.

Corporate Update

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

More information is available on https://gryphondigitalmining.com/ and their Twitter

SOURCE Gryphon Digital Mining

You may also like


Your Trusted Source for Capital Markets & Related News

Latest Articles

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.