Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken a giant step in reducing 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 embody: • Extremely-low value 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 gear, comes totally geared up with belongings, together with gasoline energy mills and containers, and is predicted to generate about $1 million in annual income, in keeping with the announcement.
“We imagine 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 with a purpose to thrive in an growing international hashrate setting. With the acquisition of this ~1 cent energy asset and future energy technology belongings with comparable prices, we imagine Gryphon will improve its place as a number one low-cost operator with a aggressive benefit in a key value facet of the bitcoin mining enterprise.”
Gryphon bolstered that it’s dedicated to lowering carbon emissions by using flare gasoline in its operations. Flare gasoline, a byproduct of oil extraction that’s usually burned off and launched into the ambiance, is repurposed by Gryphon as an vitality supply for Bitcoin mining. By changing this in any other case wasted gasoline into productive vitality, Gryphon not solely powers its mining operations but in addition mitigates environmental impression by reducing the carbon emissions that might 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 of better margins utilizing state-of-the-art mining gear or enabling return on funding on cheaper machines that aren’t economically viable at greater value operations. Different potentialities embody internet hosting companies or offering excessive efficiency computing operations.”
