117
Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has made a strategic move by acquiring Bitcoin mining operations in Louisiana that benefit from ultra low-cost electricity priced at approximately $0.01 per kilowatt hour (kWh). This acquisition, valued at $1.5 million, includes 2.9 megawatts (MW) of operational capacity and 59 petahashes per second (PH/s) of Bitcoin mining equipment, and is expected to generate about $1 million in annual revenue. The deal also includes essential assets like gas power generators and containers, according to coinbrit.
CEO Rob Chang highlighted the significance of this acquisition, emphasizing that securing such low-cost power is crucial for thriving in the current post-halving Bitcoin mining landscape, which is characterized by increasing global hashrate. Chang noted that this move is part of a broader strategy to identify and secure over 500 MW of similar low-cost power opportunities, positioning Gryphon as a leading low-cost operator in the Bitcoin mining industry.
Moreover, Gryphon is committed to reducing carbon emissions by utilizing flare gas, a byproduct of oil extraction, as an energy source for its mining operations. By repurposing this gas, Gryphon not only powers its operations but also mitigates environmental impact by lowering the carbon emissions associated with flaring.
This acquisition is expected to enhance Gryphon’s competitive advantage, allowing for greater profit margins and potentially enabling the use of more affordable mining equipment that might not be viable in higher-cost operations. Gryphon is also exploring possibilities such as offering hosting services or providing high-performance computing operations.
