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Gryphon Digital Mining Sets Record in Self-Mining Power

Feb 13, 2024
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Gryphon Digital Mining Sets Record in Self-Mining Power

Gryphon Digital Mining, Inc. (NASDAQ: GRYP), a company aiming to be a leading carbon-negative bitcoin miner, has announced its operational update for January 2024, highlighting a record average self-mining hashing power of 864 petahash per second (PH/s) and the production of approximately 58 bitcoin-equivalent coins. Despite this achievement, the company experienced a 16% decrease in bitcoin efficiency compared to December 2023, now at 68 BTC per exahash (BTC/EH).

The company's operational efficiency has been a strong point, with Gryphon ranking at or tied for first in bitcoin efficiency in nine out of the 12 months in 2023, averaging 86 BTC/EH against a peer average of 71 BTC/EH. However, January's production marked a 14% decrease from December's 68 BTC, although the average self-mining hashing power saw a 2% increase, setting a new company record. This growth is attributed to the installation of new S19k Pro miners, mitigating the cessation of operations for 134 S19j Pro miners at a non-carbon neutral site.

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