There’s a new publicly listed Bitcoin mining company in the United States. And their vision is unique: to mine Bitcoin and be carbon neutral.
What’s happening:
- Carbon neutral Bitcoin miner Gryphon Digital Mining (NASDAQ:GRYP) has officially begun trading on the Nasdaq Exchange
The big idea:
- Gryphon Digital Mining is aiming to bring digital assets onto the clean energy grid and be a leader in carbon neutral Bitcoin mining at scale
By the numbers:
- Gryphon Digital Mining was 1 of 5 Bitcoin miners to be awarded a ‘Green Proofs For Bitcoin’ certification based on their clean energy use and providing stability to the grid
- Gryphon has secured 28MW of power for their 9,000 Bitcoin mining rigs
Why it matters:
- Finding low carbon or zero carbon sources of energy to power Bitcoin mining has become a rising trend, with companies using everything from methane gas emissions from landfills to nuclear energy to provide power for Bitcoin mining rigs
- While Bitcoin mining was once seen as a wasteful use of energy as well as a contributor to emissions, there has been a paradigm shift in the space as more Bitcoin mining companies have found ways to harness renewable energy sources to power their operations
Going deeper:
- Many publicly traded Bitcoin mining companies have recently experienced record breaking revenues, largely fuelled by on-chain transaction fees
- The recent approval from the SEC to allow spot Bitcoin ETFs to list on major US stock exchanges has seen institutional capital begin to accumulate Bitcoin at a rapid pace
