LAS VEGAS - Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining firm known for its carbon-neutral operations, reported a new high in its self-mining hashing power for February 2024. The company produced approximately 52 bitcoins, valued at around $2.6 million, based on the average price of bitcoin in February.
Gryphon's self-mining operations contributed 45 BTC, with an additional 7 BTC coming from bitcoin mining royalties. The company's self-mining hashing power reached a record average of 911 petahashes per second (PH/s), contributing to a total attributable hashing power of about 1.3 exahashes per second (EH/s). Furthermore, Gryphon achieved a bitcoin efficiency of 57 BTC/EH, which follows its industry-leading performance in January of 67 BTC/EH.
Rob Chang, CEO of Gryphon, commented on the company's performance, stating, "February was a strong month for Gryphon as we achieved all-time highs in our self-mining hashing power while earning bitcoin valued at $2.6 million."
He also expressed optimism for enhanced returns due to the current rise in bitcoin prices, which exceeded $60,000 in March.
Gryphon's operational efficiency has been consistently high since it began operations in September 2021, frequently ranking at or tied for first in bitcoin efficiency among its peers. The company's focus remains on maintaining low operational costs and high efficiency, particularly in light of the upcoming bitcoin halving expected in April 2024.
The company's expansion plans include mergers and acquisitions, as well as the purchase of the latest generation mining equipment. Gryphon is also scheduled to participate in several conferences, including the Roth 36th Annual Conference and the LD Micro Invitational XIV, among others.
Gryphon prides itself on being a leader in sustainable bitcoin mining, with a goal of transitioning to a carbon-negative strategy. The information reported is based on a press release statement from Gryphon Digital Mining, Inc.
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