Gryphon Digital Mining Reports Fiscal Year 2023 Financial Outcomes

Gryphon Digital Mining, Inc., operating in the bitcoin mining sector with a commitment to 100% renewable energy, presented its financial results for the fiscal year concluded on December 31, 2023. Rob Chang, CEO, remarked on the transformative journey of Gryphon, highlighted by a Nasdaq listing, positioning Gryphon for substantial growth. Despite achieving a net cash flow with a breakeven cost per Bitcoin of $18,200, the company faced a net loss of $28.6 million, inclusive of significant non-cash expenses. Financially, the company noted a slight decline in total mining revenue compared to the previous year, from $21.4 million in 2022 to $21.1 million in 2023.

Gryphon's aggressive expansion aims to escalate its self-mining hashrate to 10 exahash, leveraging the expertise of its management team with veterans from Marathon and Riot. The year saw a rise in breakeven cost per Bitcoin and a reduction in Adjusted EBITDA. The balance sheet reflects assets at $18.8 million, with current liabilities surpassing this at $19.4 million. The company is optimistic about its projections for 2024 based on the average price of Bitcoin and network hashrate expectations. Additionally, Gryphon is entangled in litigation with Sphere 3D, seeking damages for breach of contract amid Sphere’s financial disclosure of a $200 million net loss.