Gryphon Digital Mining Announces November Operational Update

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Record monthly hashrate as growth continues

LAS VEGAS, Dec. 23, 2022 /PRNewswire-PRWeb/ — Gryphon Digital Mining, Inc. (“Gryphon”, “Gryphon Mining” or the “Company”), a leading carbon neutral bitcoin miner, announces that it is operational update.

Key highlights of the month:

Bitcoin production of about 75 bitcoin equivalent coins

High level bitcoin efficiency of 106 BTC/EH

All-time high average hash power of 717 PH/s

Royalty Stream Partner[1] begins mining operations with 2,655 machines increasing hash power to 365 PH/s

Mining operations

For the month of November, Gryphon mined around 75 bitcoin equivalent coins from its self-mining operations with an average hash power of 717 PH/s combined with its bitcoin equivalent royalties generated from 22.5 % of the company’s net operating income from a Master Services Agreement (“MSA”) with a third party.

November’s performance translates to a bitcoin efficiency rating of 106 BTC/EH. Gryphon’s result placed it tied for first among a group of publicly disclosed efficiency peers who collectively had an average score of 94 BTC/EH.[2] . Since beginning operations in September 2021, Gryphon has consistently placed in the top three of these publicly available bitcoin efficiency scores – ranking first or tied in eight of the first eleven months of the year.

Month-over-month, the number of coins mined decreased by approximately 1% from the 81 bitcoin-equivalent coins mined by the company in October 2022. The company’s average hash power increased by 2 % for the month to hit a record high of 717 PH/s as newly purchased machines were powered up and inefficiently operating miners were dealt with. Gryphon’s bitcoin performance for November was down 8% from October, but remained among the best performing trades of the month.

Partner Royalty Stream boosts 2,655 additional machines:

The story continues

Gryphon is delighted to announce that our partner Royalty Stream has started mining with an additional 2,655 miners on a batch of 4,026 machines. In total, our partner Royalty Stream has reported an overall hash power of 365 PH/s to date with nearly 12,000 more machines on the way to Gryphon’s US MSA with the third party enabling an efficient royalty stream across all of its operations of blockchain. At full deployment, our MSA of 22.5% on our royalty stream partner’s advertised potential capacity of 1.7 PE would give Gryphon an effective royalty stream of 382.5 PH/s.

“We congratulate our partner Royalty Stream on their successful deployment of 2,655 bitcoin miners and look forward to the deployment of the remaining machines from this current batch of 4,026, and the expected overall receipt of over 16,000 machines. We are also delighted of the deployment of the approximately 12,000 remaining miners and are looking to support our royalty stream partner as needed,” said CEO and Director, Rob Chang. “Our potential royalty stream based on the announced capacity of 382.5 PH/s headcount gives Gryphon a total revenue generation profile (including Gryphon’s self-mined total hashrate) of over 1.1 PE/s on a cost basis of just 0.75 PE/s. unique structure should put Gryphon in a strong position to be among the most efficient bitcoin miners in the industry.”

To learn more about Gryphon, please visit https://gryphondigitalmining.com/ and follow us on twitter @GryphonMining

About Gryphon Digital Mining: Gryphon Digital Mining, Inc. is an innovative cryptocurrency company dedicated to helping bring digital assets to the clean energy grid. With a talented leadership team drawn from globally recognized brands, Gryphon brings together thought leaders to improve the infrastructure of the digital asset network. Its Bitcoin mining has a net carbon negative strategy. More information is available at https://gryphondigitalmining.com/.

Source:

[1] Previous operational updates listed the Royalty Stream partner as the MSA partner

[2] Bitcoin efficiency is a measure of the number of bitcoins generated per exahash of hashing power deployed. Source: Twitter and company reports. Gryphon includes bitcoin equivalents obtained from its master services agreement in its calculation of bitcoin efficiency.

Media Contact

Elyse Bender-Segall, PR Revolution, (516) 901-9095, [email protected]

Rob Chang, Gryphon Digital Mining, (877) 646-3374, [email protected]

SOURCE Gryphon Digital Mining

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