Gryphon Digital Mining, Inc. (Nasdaq: GRYP) (“Gryphon” or the “Company”), a company on a mission to become a leading carbon-negative bitcoin miner, has released its operational update for January 2024.
Key highlights for the month:
- Produced approximately 58 bitcoin-equivalent coins
- Recorded bitcoin efficiency of 68 BTC/EH1
- Company record average self-mining hashing power of 864 PH/s
- Total attributable hashing power of about ~1.3 EH/s
During January, Gryphon mined approximately 58 bitcoin-equivalent coins while posting a Company record average self-mining hashing power of 864 PH/s and total attributable hashing power of approximately 1.3 EH/s. The month’s performance translated into a bitcoin efficiency rating of 68 BTC/EH.
The Company’s bitcoin efficiency performance declined from its December 2023 mark of 81 BTC/EH, or a reduction of about 16%. December’s performance ranked second among publicly disclosing peers, which averaged 66 BTC/EH for the month. In 2023, Gryphon’s bitcoin efficiency ranked at or tied for first in 9 out of the 12 months of the year, averaging 86 BTC/EH vs a peer annual average of 71 BTC/EH. Since Gryphon commenced operations in September 2021, it has consistently placed among the top three of these publicly available bitcoin efficiency scores – ranking at or tied for first in 18 of the 27 months, or two-thirds of the time.
Month over month, the 58 bitcoin-equivalent coins mined in January decreased by approximately 14% from December production of 68 BTC. The average self-mining hashing power by the Company increased by 2% to a Company record 864 PH/s as the purchase of newer generation S19k Pros were installed, offsetting the impact of the termination of mining for 134 S19j Pro miners that were formerly hosted at a non-carbon neutral site, which then accounted for approximately 1% of Gryphon’s self-mining operations. Total attributable hashing power remained at 1.3 EH/s.
