Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken an enormous step in decreasing its energy prices by buying Bitcoin mining operations in Louisiana that leverage extremely low-cost electrical energy at roughly $0.01 per kilowatt hour (kWh).
Gryphon Acquires Extremely Low-Value Energy Mining Operations at ~$0.01/kWh.Key highlights embrace: • Extremely-low price of ~ 1 cent per kWh• Recognized a pipeline of 500 MW of comparable alternatives • Instantly accretive working asset that’s already producing money flowRead… pic.twitter.com/DKNQnjzZJl
— Gryphon Digital Mining (@GryphonMining) August 20, 2024
This $1.5 million acquisition, which incorporates as much as 2.9 megawatts (MW) of operational capability and 59 PH/s of Bitcoin mining tools, comes totally outfitted with property, together with fuel energy mills and containers, and is predicted to generate about $1 million in annual income, based on the announcement.
“We consider that this acquisition of extremely low-cost energy is our first step alongside an recognized path of over 500 MW of comparable low-cost energy technology alternatives,” mentioned Gryphon CEO Rob Chang. “The present put up halving world is requiring bitcoin miners to safe low-cost energy in an effort to thrive in an rising world hashrate atmosphere. With the acquisition of this ~1 cent energy asset and future energy technology property with related prices, we consider Gryphon will improve its place as a number one low-cost operator with a aggressive benefit in a key price facet of the bitcoin mining enterprise.”
Gryphon bolstered that it’s dedicated to lowering carbon emissions by using flare fuel in its operations. Flare fuel, a byproduct of oil extraction that’s usually burned off and launched into the ambiance, is repurposed by Gryphon as an power supply for Bitcoin mining. By changing this in any other case wasted fuel into productive power, Gryphon not solely powers its mining operations but in addition mitigates environmental affect by decreasing the carbon emissions that may have been generated by way of flaring.
“We’re notably excited concerning the alternatives extremely low-cost energy can afford us,” additional said Chang. “We anticipate that low-cost energy will enable for the potential for higher margins utilizing cutting-edge mining tools or enabling return on funding on cheaper machines that aren’t economically viable at larger price operations. Different potentialities embrace internet hosting companies or offering excessive efficiency computing operations.”
