Gryphon Digital Mining reports improved July bitcoin mining efficiency
LAS VEGAS – Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company with a 100% renewable energy certification, has provided an unaudited operational update for July 2024. The company reported a bitcoin efficiency of 24 BTC/EH and an energy efficiency of 28.6 joules per terahash (J/T) for the month, maintaining its position at the forefront of the industry in these metrics.
The company’s monthly average hashrate saw an 8% increase over the same period last year, reaching 871 PH/s. Gryphon also anticipates that its bitcoin production for July will amount to approximately 21.4 bitcoin, translating to an estimated value of $1.34 million, based on the average bitcoin price of $62,805 for the month.
Gryphon’s CEO, Rob Chang, highlighted the company’s consistent operational performance and its top-ranking energy efficiency, which has recently set a company record. He also noted that Gryphon’s bitcoin efficiency score placed second among 16 publicly disclosing peers in June, with the company ranking in the top quartile 76% of the time since operations began in September 2021.
In addition to its operational achievements, Gryphon is actively exploring growth avenues, focusing on securing low-cost power to sustain long-term viability in the bitcoin mining and high-performance computing space. The company has reviewed over 25 potential opportunities, conducting extensive due diligence, including legal assessments and site inspections, to ensure alignment with its strict selection criteria.
The company’s commitment to sustainability is underscored by its 100% electrification through zero-carbon emitting hydro power for its Scope 1 and Scope 2 operations. Gryphon’s bitcoin mining operation has been independently certified as carbon-neutral, and the company is further pursuing a carbon-negative strategy.
Gryphon’s growth and sustainability efforts will be topics of discussion at several upcoming conferences, including the Blockchain Futurist Conference in Toronto and the H.C. Wainwright 26th Annual Global Investment Conference in New York.
The information in this article is based on a press release statement from Gryphon Digital Mining, Inc.
In other recent news, Gryphon Digital Mining, Inc. reported significant developments in its ongoing legal dispute with Sphere 3D Corp. The bitcoin mining company, known for its commitment to renewable energy, announced that Sphere 3D has withdrawn allegations implicating Gryphon in a security breach incident. This development clears Gryphon from any liability based on these allegations.
Meanwhile, Gryphon continues to pursue a counterclaim against Sphere for alleged breaches of their Master Service Agreement, seeking damages of approximately $45 million.
In addition to the legal proceedings, Gryphon achieved a record quarterly hashrate of 899 petahashes per second in Q2 2024, marking a 20% increase year-on-year. The company also reported a record monthly performance in energy efficiency, producing approximately 84 bitcoins valued at an estimated $5.5 million. Gryphon’s commitment to shareholder value is evident in its recent announcement of a share repurchase program, authorizing the buyback of up to $5 million of the company’s common stock.
Gryphon has also completed its machine upgrade program ahead of schedule, improving operational efficiency and adding approximately 23 PH/s to the company’s hashing power. As the company continues to navigate these recent developments, it remains actively involved in upcoming industry events, including 2024 and the Blockchain Futurist Conference.
InvestingPro Insights
In the dynamic landscape of bitcoin mining, Gryphon Digital Mining, Inc. (NASDAQ:GRYP) continues to make strides in operational efficiency and sustainability. InvestingPro data provides a deeper insight into the financial health and market performance of Gryphon, complementing the operational updates provided by the company.
With a market capitalization of $29.76 million, Gryphon operates in a highly competitive and capital-intensive industry. Despite the challenges, the company has managed to achieve a revenue growth of 16.78% over the last twelve months as of Q1 2024, showcasing its ability to increase sales in a turbulent market. This is further supported by a substantial quarterly revenue growth of 47.56% in Q1 2024, indicating a strong short-term performance.
However, it is not all smooth sailing for Gryphon. The company’s operational success is weighed down by financial metrics that suggest caution. The InvestingPro Tips highlight that Gryphon operates with a significant debt burden and short-term obligations that exceed its liquid assets. Additionally, analysts do not anticipate the company will be profitable this year, and the net income is expected to drop. These factors could impact Gryphon’s ability to sustain its growth and operational achievements in the long term.
The stock’s market performance reflects these concerns, with an RSI indicating that the stock is in oversold territory. The price has also taken a significant hit over the last week, month, and even year, trading near its 52-week low and registering a one-year price total return of -81.9%. This could present a potential entry point for investors, with the InvestingPro Fair Value estimated at $0.73, closely aligned with the previous close price of $0.74.
For investors and stakeholders looking to make informed decisions, there are additional InvestingPro Tips available for Gryphon, which can be accessed through InvestingPro’s comprehensive analysis platform. These tips offer deeper insights into the company’s financial health and market performance, aiding in the assessment of Gryphon’s potential as an investment.
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