Gryphon Digital Mining produces 22 bitcoin in May

Gryphon Digital Mining has released its unaudited operational update for May 2024. Key highlights for the month: Set a new company record in energy efficiency of 28.6 joules per terahash; Produced approximately 22 bitcoin; Approximately $1.4 million in value based on an average May bitcoin price of $65,071; Achieved bitcoin efficiency of 24 BTC/EH; Self-mining hashing power of 904 PH/s; 98% average up time on mining fleet; Qualified for inclusion in the Russell Microcap Index, effective at the open of US equity markets on July 1st; Scope 1 and Scope 2 operations continue to be 100% electrified by zero-carbon emitting Hydro power. “May marked a pivotal moment for Gryphon as we reaped the rewards of our strategic investment in cutting-edge Bitmain S21 200 TH/s machines,” noted Rob Chang, CEO of Gryphon. “This transformative upgrade has lowered our energy efficiency to an average of 28.6 J/T, with our newest machines expected to be an impressive 43% more efficient than the machines they replaced. Our performance in May was notable with average operating uptime at 98%. We earned bitcoin valued at approximately $1.4 million, based on an average May bitcoin price of $65,071. We believe this relatively substantial revenue, coupled with our inclusion in the prestigious Russell Microcap Index effective July 1st, positions Gryphon as an emerging force in the bitcoin mining industry.” Gryphon’s commitment to operating at peak efficiency is underscored by its bitcoin efficiency performance of 24 BTC/EH in May, the first full month after the halving event. Since Gryphon commenced operations in September 2021, it has consistently placed among the top of these publicly available bitcoin efficiency scores – ranking at or tied for first in 17 of the 32 months, or about 53% of the time. The Company held approximately 17 bitcoin in its treasury as of the end of May.