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Gryphon Digital Acquires Flare Gas Powered Bitcoin Mining Operations

August 21, 2024
x min read
Coal plant exhaust pipe with smoke billowing from it

Gryphon Digital Mining is committed to mining Bitcoin in a way that is both profitable and carbon neutral. And now they are expanding their operations through a new acquisition.

What’s happening:

  • Gryphon Digital Mining (NASDAQ: GRYP) has acquired a new Bitcoin mining operation based in Louisiana that is powered by ultra low cost electricity

Why it matters:

  • Following the latest Bitcoin halving which reduces the total rewards for mining, Bitcoin miners have had to look for ways to reduce the cost of electricity required to run their operations in order to remain profitable

By the numbers:

  • The Louisiana based Bitcoin mining operations have capacity of up to 2.9 megawatts
  • The cost of power that Gryphon Digital Mining expects to pay for the new Bitcoin mining facility is approximately $0.01 per kilowatt hour
  • Gryphon Digital Mining believes that they can generate approximately $1M USD in revenue from the new operations once they are running at full capacity

Going deeper:

  • The Bitcoin mining operations being acquired by Gryphon Digital Mining are powered by flare gas, which is typically a byproduct of producing oil
  • Being able to leverage gas that would otherwise be wasted and turn it into a renewable energy source for Bitcoin mining is a highly effective way of reducing the total amount of carbon dioxide emissions that ultimately get released into the atmosphere
  • Gryphon Digital Mining has been a first mover in leveraging renewable energy sources to mine Bitcoin in a carbon neutral way, previously earning a Sustainable Bitcoin Certification from non-profit Energy Web

The intrigue:

Disclaimer

The New Money provides background information on early stage companies from publicly available sources. The New Money provides no advice on dealing in securities, is not a financial adviser and does not pretend to be so. This message is meant for information and educational purposes only. The information contained in this email is not to be considered factual or complete. Anybody interested in obtaining financial and other information on companies mentioned is advised to get it direct from the companies, or from their own investment adviser. The New Money does not intend for this information to be used to inform an investment decision. The New Money has been compensated by Gryphon Digital Mining for a media campaign, which affects our ability to be unbiased. The Principals of The New Money may buy or sell shares of Gryphon Digital Mining without further notice. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities. The New Money and its principals and agents are not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Always do your own research and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment. Investing is inherently risky. While a potential for rewards exists, by investing, you are putting yourself at risk. You must be aware of the risks and be willing to accept them in order to invest in any type of security. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy or Sell securities. No representation is being made that any stock trade will or is likely to achieve profits. Comparisons made to other featured companies or past performance is not indicative of future results.

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