Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken an enormous 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 embrace: • 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 tools, comes totally geared up with property, together with fuel energy turbines 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 publish halving world is requiring bitcoin miners to safe low-cost energy so as to thrive in an growing world hashrate setting. With the acquisition of this ~1 cent energy asset and future energy technology property with related prices, we imagine Gryphon will improve its place as a number one low-cost operator with a aggressive benefit in a key value side of the bitcoin mining enterprise.”
Gryphon bolstered that it’s dedicated to decreasing carbon emissions by using flare fuel in its operations. Flare fuel, a byproduct of oil extraction that’s typically burned off and launched into the environment, 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 additionally mitigates environmental impression by reducing the carbon emissions that might have been generated via flaring.
“We’re significantly excited concerning the alternatives extremely low-cost energy can afford us,” additional acknowledged Chang. “We anticipate that low-cost energy will permit for the potential for larger margins utilizing cutting-edge mining tools or enabling return on funding on cheaper machines that aren’t economically viable at greater value operations. Different potentialities embrace internet hosting providers or offering excessive efficiency computing operations.”
