on Gryphon Digital Mining, Inc.
Gryphon Digital Mining Reports Third Quarter 2024 Financial Results
Gryphon Digital Mining, Inc. has announced its financial results for the third quarter ended September 30, 2024. The company focused on strategic initiatives to strengthen its foundation, notably converting approximately $13 million of debt into equity at a premium. This move bolstered investor confidence, elevating Gryphon's market capitalization to over $40 million, meeting NASDAQ listing requirements.
The quarter saw mining revenues decline to $3.7 million from $5.2 million year-on-year, with a net loss of $5.9 million compared to $8.1 million the previous year. The company mined 61 Bitcoins in Q3 2024, a decrease from 176 in Q3 2023. Despite these dips, Gryphon aims to enhance its low-cost operations and expand into AI computing to grow its market value.
Currently, Gryphon's assets include $0.4 million in cash and equivalents and $0.6 million in Bitcoin, against liabilities totaling $26.4 million. Refinancing efforts post-September 30 have converted substantial debt into equity to stabilize the financial position.
R. H.
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