Gryphon Digital Mining Achieves Record Bitcoin Production and Hashing Power in February 2024

Gryphon Digital Mining, Inc. (NASDAQ:GRYP) announced its unaudited operational update for February 2024, showcasing significant achievements in its bitcoin mining operations. The company, known for its 100% carbon-neutral certification and negative carbon strategy, reported producing approximately 52 bitcoin, valued at roughly $2.6 million based on the average February bitcoin price. This production includes 45 BTC from self-mining and 7 BTC from bitcoin mining royalty.

Gryphon achieved a company record average self-mining hashing power of 911 PH/s and a total attributable hashing power of about 1.3 EH/s. The company's bitcoin efficiency stood at 57 BTC/EH. CEO Rob Chang expressed optimism about the future, noting the rise in Bitcoin prices and the company's focus on market-leading bitcoin efficiency.

The company's operational efficiency has been commendable, with bitcoin efficiency rankings at or near the top among publicly disclosing peers. Improvements were also seen in the average joules per terahash of Gryphon's deployed fleet, which stands at an average of 28.9 J/T.

Looking ahead, Gryphon plans to leverage its recent Nasdaq listing for expansion through mergers and acquisitions (M&A) and purchases of the latest generation mining equipment. The strategy aims to maintain operational efficiency and cost-effectiveness, especially in anticipation of the upcoming Bitcoin halvening in April 2024.