Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has actually taken a huge action in decreasing its power expenses by getting Bitcoin mining operations in Louisiana that utilize ultra low-cost electrical energy at roughly $0.01 per kilowatt hour (kWh).
Gryphon Acquires Ultra Low-Cost Power Mining Operations at ~$0.01/kWh.
Key highlights consist of:
• Ultra-low expense of ~ 1 cent per kWh
• Identified a pipeline of 500 MW of comparable chances
• Immediately accretive operating possession that is currently producing capitalRead… pic.twitter.com/DKNQnjzZJl
— Gryphon Digital Mining (@GryphonMining) August 20, 2024
This $1.5 million acquisition, that includes as much as 2.9 megawatts (MW) of functional capability and 59 PH/s of Bitcoin mining devices, comes completely geared up with properties, consisting of gas power generators and containers, and is anticipated to produce about $1 million in yearly earnings, according to the statement.
“We believe that this acquisition of ultra low-cost power is our first step along an identified path of over 500 MW of similar low-cost power generation opportunities,” stated Gryphon CEO Rob Chang. “The current post halving world is requiring bitcoin miners to secure low-cost power in order to thrive in an increasing global hashrate environment. With the acquisition of this ~1 cent power asset and future power generation assets with similar costs, we believe Gryphon will enhance its position as a leading low-cost operator with a competitive advantage in a key cost aspect of the bitcoin mining business.”
Gryphon enhanced that it is dedicated to decreasing carbon emissions by using flare gas in its operations. Flare gas, a by-product of oil extraction that is frequently burnt and launched into the environment, is repurposed by Gryphon as an energy source for Bitcoin mining. By transforming this otherwise squandered gas into efficient energy, Gryphon not just powers its mining operations however also alleviates ecological effect by decreasing the carbon emissions that would have been created through flaring.
“We are particularly excited about the opportunities ultra low-cost power can afford us,” even more mentioned Chang. “We expect that low-cost power will allow for the possibility of greater margins using state of the art mining equipment or enabling return on investment on cheaper machines that are not economically viable at higher cost operations. Other possibilities include hosting services or providing high performance computing operations.”
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