Gryphon Digital Mining Acquires Cost-Efficient Power Operations

Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has announced the acquisition of bitcoin mining operations powered by ultra low-cost electricity, averaging around $0.01 per kilowatt hour. This acquisition represents the initial step in Gryphon's strategy to source low-cost power for its operations, focusing on environmental, social, and governance (ESG) criteria.

The acquired operations, based in Louisiana, include 2.9 megawatts of running assets, featuring 59 PH/s of bitcoin mining machines. With an acquisition cost of $1.5 million, which will be funded by existing capital, Gryphon anticipates immediate cash flow generation, projecting approximately $1 million in annual revenue from these assets.

CEO Rob Chang expressed confidence that this acquisition lays the groundwork for further low-cost power opportunities, totaling over 500 megawatts. The utilization of flare gas, a byproduct in oil extraction, also underscores Gryphon's commitment to reducing carbon emissions by turning waste products into energy sources.

The transactions align with Gryphon's broader strategy, enhancing its flexibility in bitcoin mining, high-performance computing, and machine hosting, while promoting environmental stewardship.