Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken a giant 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-Price Energy Mining Operations at ~$0.01/kWh.Key highlights embody: • 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 geared up with belongings, together with fuel energy turbines and containers, and is anticipated to generate about $1 million in annual income, in keeping with 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 era alternatives,” mentioned Gryphon CEO Rob Chang. “The present publish halving world is requiring bitcoin miners to safe low-cost energy with a purpose to thrive in an growing international hashrate surroundings. With the acquisition of this ~1 cent energy asset and future energy era belongings 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 decreasing 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 environment, is repurposed by Gryphon as an vitality supply for Bitcoin mining. By changing this in any other case wasted fuel into productive vitality, Gryphon not solely powers its mining operations but in addition mitigates environmental impression by decreasing the carbon emissions that might have been generated via flaring.
“We’re notably excited concerning the alternatives extremely low-cost energy can afford us,” additional acknowledged Chang. “We count on that low-cost energy will permit for the opportunity of higher margins utilizing state-of-the-art mining tools or enabling return on funding on cheaper machines that aren’t economically viable at increased price operations. Different prospects embody internet hosting companies or offering excessive efficiency computing operations.”
