Gryphon Digital Mining sees 84 bitcoin produced in Q2

Gryphon Digital Mining released its unaudited operational update for June 2024 and Q2/24. Key highlights: Set a new company record in quarterly hashrate of 899 PH/s in Q2/24, a 20% increase over Q2/23; Record monthly performance in energy efficiency at 28.5 joules per terahash in June; Expect to have produced approximately 84 bitcoin in the second quarter; Projected approximately $5.5 million in value based on an average quarterly bitcoin price of $65,916; Achieved bitcoin efficiency of 25 BTC/EH for the month of June; 99.4% mining fleet average up time in June; Qualified for inclusion in the Russell Microcap Index, which was effective as of July 1st; Scope 1 and Scope 21 operations continue to be 100% electrified by zero-carbon emitting hydro power. “The second quarter of 2024 was significant for Gryphon as we achieved company records in hashrate and energy efficiency,” noted Rob Chang, CEO of Gryphon. “While the company is only five months removed from debuting on the Nasdaq in February of this year, we continue to set company records as we move forward as a public company. We expect to have earned bitcoin valued at approximately $5.5 million for the second quarter of the year, based on an average bitcoin price of $65,916. This includes the production of approximately 22 bitcoin in the month of June at an average bitcoin price for the month of $66,170,” continued Mr. Chang. “Gryphon continues to improve its efficiency levels by setting a new company record of 28.5 J/T for the month of June and combined with the realization of our inclusion in the prestigious Russell Microcap Index effective July 1st, we believe the Company is maintaining its upward trajectory in the bitcoin mining industry.”