Gryphon Digital Mining, Inc. (“Gryphon,” “Gryphon Mining,” or the “Company”), a leading bitcoin miner with 2.1 exahash of attributable net carbon neutral hashing power and an ESG focus, announces its March 2022 operational update.
Key Highlights:
- 61 bitcoin-equivalent coins mined for the month on average hashing power of 401 PH/s
- Market-leading bitcoin efficiency of 152 BTC/EH
- Expected effective hashrate interest of 2.1 EH by end of 2022
- Industry-leading deployment of invested capital of $21/TH versus peer average of $94/TH
Mining Operations
For the month of March, Gryphon mined approximately 61 bitcoin-equivalent coins comprised of 57 self-mined bitcoin on average hashing power of 401 PH/s and approximately 3 bitcoin-equivalent coins in fees from the Company’s 22.5% gross profit interest from a Master Services Agreement with a third party. This translates into a market-leading bitcoin efficiency of 152 BTC/EH relative to the recent peer average of 116 BTC/EH for February 2022[1]. The company ended the month with total self-mining hashing power of about 415 PH/s.
Month over month, Gryphon increased the number of coins mined by 34% from the 45 bitcoin-equivalent coins mined by the Company in February 2022. Average hashing power by the Company increased by 24% as additional machines were delivered and deployed on time and as scheduled. Bitcoin efficiency for the prior month was at 140 BTC/EH as increased network difficulty drove down the efficiency for all miners.
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Effective Interest in 1.35 Exahash
Gryphon continues to operate machines for a third party under a Master Services Agreement where it has a 22.5% gross profit interest in exchange for the management of its blockchain-related businesses. This translates into an effective interest in 1.35 EH/s of expected hashing power by the end of 2022. Combined with Gryphon’s 0.72 EH/s operation, the company expects to have total effective hashing power of approximately 2.1 EH/s by the end of the year.
Industry-Leading Deployment of Invested Capital
Optimizing the effectiveness of invested capital has been a unique driver for Gryphon in its strategy to allocate the maximum amount of invested capital towards revenue-generating bitcoin miners through its pursuit of a low-fixed cost, hosted operations strategy. We are delighted to report that Gryphon is leading the way in the Invested Capital per terahash[2] metric (“ICTH”) as it has spent only $21/TH to achieve its forecast 2.1 EH operation as of the end of 2022, which is about a fifth of the peer average[3] ($94/TH).
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid.