Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken a giant 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-Price Energy Mining Operations at ~$0.01/kWh.Key highlights embrace: • 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 gear, comes totally outfitted with property, together with gasoline energy turbines and containers, and is anticipated to generate about $1 million in annual income, in accordance 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 technology alternatives,” mentioned Gryphon CEO Rob Chang. “The present put up halving world is requiring bitcoin miners to safe low-cost energy in an effort to thrive in an growing international hashrate atmosphere. With the acquisition of this ~1 cent energy asset and future energy technology property with comparable 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 gasoline in its operations. Flare gasoline, a byproduct of oil extraction that’s typically 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 gasoline into productive vitality, Gryphon not solely powers its mining operations but in addition mitigates environmental affect by reducing the carbon emissions that may have been generated by means of flaring.
“We’re notably excited concerning the alternatives extremely low-cost energy can afford us,” additional said Chang. “We anticipate that low-cost energy will enable for the potential for better margins utilizing cutting-edge mining gear or enabling return on funding on cheaper machines that aren’t economically viable at larger price operations. Different prospects embrace internet hosting companies or offering excessive efficiency computing operations.”
