LAS VEGAS - Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a company specializing in environmentally sustainable bitcoin mining, announced the expansion of its Board of Directors and the appointment of co-founder Daniel Tolhurst as a Class I director. This move comes as the company actively seeks growth and acquisition opportunities.
Tolhurst, who helped establish Gryphon in October 2020 and served as its President until the company went public in February 2024, will hold his board position until the 2025 annual meeting of stockholders. His return to the board is seen by Chairperson Brittany Kaiser as a valuable addition at a pivotal time for the company, citing his pivotal role in Gryphon's formation and his expertise in guiding potential growth avenues.
With an extensive background in leadership and investment in innovative companies, Tolhurst brings nearly two decades of experience to the board. His previous roles include leading Netflix Inc. (NASDAQ:NFLX)'s Content Strategy & Analysis team in Europe, the Middle East, and Africa, as well as holding director and senior manager positions at The Walt Disney Company (NYSE:DIS). His early career includes time at Booz & Company and the Bank of Montreal Financial Group.
Tolhurst expressed enthusiasm for his return to Gryphon's board, reaffirming his belief in the company's vision to lead in the bitcoin mining space and his commitment to realizing that vision alongside the management team.
Gryphon's focus on environmental responsibility has led to its mining operation in the northeastern US being independently certified as 100% carbon-neutral, with the company also pursuing a carbon-negative strategy.
This announcement is based on a press release statement, which also includes the company's upcoming participation in investment conferences and cautions about forward-looking statements. Gryphon Digital Mining cautions that these statements are subject to risks and uncertainties, detailed in their SEC filings, and do not guarantee future results.
In other recent news, Gryphon Digital Mining has made significant strides, including a record quarterly hashrate of 899 petahashes per second (PH/s) in Q2 2024, marking a 20% increase year-on-year. The company also reported an estimated bitcoin production of 21.4, equivalent to about $1.34 million. Gryphon's commitment to sustainability is evident in its recent acquisition of a low-cost power bitcoin mining operation in Louisiana, which aligns with its environmental goals by utilizing flare gas, a waste product from oil extraction, as an energy source.
H.C. Wainwright maintained a Neutral rating on Gryphon, highlighting the company's experienced management team and the potential of using public-share currency to consolidate energy assets. The firm's revenue for the quarter was in line with the analyst's expectations.
In legal matters, Gryphon has been cleared of liability in a security breach incident involving Sphere 3D Corp. Sphere 3D withdrew its allegations, thus dismissing Gryphon from any responsibility based on these claims. However, Gryphon continues to pursue a counterclaim against Sphere for alleged breaches of their Master Service Agreement, seeking approximately $45 million in damages. These are the recent developments from Gryphon Digital Mining, a company committed to sustainability, evident in its 100% renewable energy certification and pursuit of a carbon-negative strategy.
InvestingPro Insights
As Gryphon Digital Mining, Inc. (NASDAQ:GRYP) continues to pursue its growth and acquisition strategies, it's essential for investors to stay informed about the company's financial health and market performance. According to recent data from InvestingPro, Gryphon operates with a market capitalization of $28.22 million. Despite its efforts to lead in the environmentally sustainable bitcoin mining space, the company has faced challenges reflected in its financial metrics. With a negative price-to-earnings (P/E) ratio of -0.74 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at -1.66, the company's profitability is under scrutiny.
InvestingPro Tips indicate that Gryphon's stock has experienced significant price volatility and has seen a considerable decline over the past year, with a one-year total price return of -82.56%. This trend is consistent over shorter periods as well, with a six-month price total return of -72.67%. These figures suggest that investors have been cautious, possibly due to the company's financial performance and market conditions. Moreover, analysts do not anticipate Gryphon will be profitable this year, which could be a concern for potential investors looking for near-term returns.
For those interested in exploring further, there are additional InvestingPro Tips available that provide deeper insights into Gryphon's financial standing and market trends. These tips can be found at https://www.investing.com/pro/GRYP, offering a comprehensive analysis for a more informed investment decision.
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