Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken a giant step towards decreasing energy prices with the acquisition of a Louisiana-based Bitcoin mining operation that makes use of roughly Extremely-low-cost electrical energy at $0.01.
Gryphon acquires ultra-low-cost energy mining enterprise for about $0.01/kWh.
Key highlights embrace:
• Extremely-low price, about 1 cent per kilowatt hour
• Recognized pipeline of 500 MW of comparable alternatives
• Instantly accretive working belongings which have generated money flowslearn… pic.twitter.com/DKNQnjzZJl
— Gryphon Digital Mining (@GryphonMining) August 20, 2024
The $1.5 million acquisition consists of as much as 2.9 megawatts (MW) of working capability and 59 PH/s Bitcoin mining gear, absolutely outfitted with belongings together with fuel mills and delivery containers, and is predicted to generate roughly $1 million yearly of income, in keeping with the announcement.
“We imagine this acquisition of ultra-low-cost energy is step one alongside our path to greater than 500 megawatts of comparable low-cost era alternatives that we’ve recognized,” mentioned Rob Chang, CEO of Gryphon. The world requires Bitcoin miners to have entry to low-cost energy with the intention to thrive in an more and more international hashrate setting. By buying this ~1 cent energy asset and future era belongings of comparable price, we imagine Gryphon will strengthen its place. Our place as a number one low-cost operator provides us a aggressive benefit in key prices of the Bitcoin mining operation.
Gryphon emphasised that the corporate is dedicated to decreasing carbon emissions by the usage of flare fuel in its operations. Flare fuel, a byproduct of oil extraction that’s usually burned and launched into the ambiance, is reused by Gryphon as a supply of vitality for Bitcoin mining. By changing these in any other case wasted gases into produced vitality, Gryphon not solely powers its mining operations but in addition reduces its environmental affect by decreasing the carbon emissions from combustion.
“We’re significantly excited concerning the alternatives that ultra-low-cost electrical energy can present us,” Zhang additional mentioned. “We anticipate that low-cost electrical energy will permit the usage of state-of-the-art mining gear to attain better income, or allow a return on funding for cheaper machines that may not be economically viable at larger prices to function. Different prospects Together with internet hosting companies or offering high-performance computing operations.
