LAS VEGAS - Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company known for its use of 100% renewable energy, has reported significant operational achievements in its latest unaudited update for March 2024. The company's self-mining hashing power hit a new all-time high, and it initiated a machine upgrade program to enhance efficiency.
In March, Gryphon produced approximately 45 bitcoins, valued at around $3.1 million based on the average bitcoin price for the month. The company's daily production averaged 1.5 BTC, or about $98,433. Gryphon achieved a bitcoin efficiency of 49 BTC/EH, maintaining its competitive edge in the industry.
The company's average self-mining hashing power reached 912 PH/s, a slight increase from the previous month. Gryphon also reported having 59 bitcoins in its treasury as of March 31, 2024, and maintained an average machine efficiency of 28.9 J/T.
Gryphon CEO Rob Chang expressed confidence in the company's performance and the commencement of their miner upgrade program. Gryphon has purchased Bitmain S21 200 TH/s miners, which are expected to add approximately 23 PH/s to their hashing power and reduce the average fleet efficiency to 28.5 J/T once fully deployed.
In a move towards transparency and environmental, social, and governance (ESG) leadership, Gryphon published its carbon emissions data in partnership with CarbonChain. The company is the first bitcoin miner to provide such detailed carbon footprint information, which is part of its commitment to climate goals and responsible corporate decision-making.
Gryphon's recent activities, including its participation in industry conferences and its ongoing efforts to minimize its carbon footprint, highlight the company's dedication to sustainable and efficient bitcoin mining operations.
This news is based on a press release statement from Gryphon Digital Mining, Inc.
InvestingPro Insights
Gryphon Digital Mining, Inc. (NASDAQ:GRYP) has been navigating a turbulent market, reflected in its recent stock performance. The company's market capitalization stands at $50.35 million, indicating its size within the industry. However, investors should be aware that GRYP's stock has experienced significant volatility, as evidenced by a sharp decline of 68.22% over the last six months, aligning with its high price volatility noted in InvestingPro Tips.
Financially, Gryphon has faced challenges, with the company not being profitable over the last twelve months. The adjusted P/E ratio as of Q3 2023 was -4.15, suggesting that investors have concerns about the company's earnings potential. Furthermore, the company's short-term obligations exceeding its liquid assets is a point of consideration for those looking at the financial health and liquidity of Gryphon.
Despite these challenges, Gryphon's commitment to sustainable mining practices and its operational achievements could position it for recovery as the industry evolves. For readers interested in a deeper analysis, there are 10 additional InvestingPro Tips available, offering insights that could help in making more informed investment decisions. To explore these tips and gain a comprehensive understanding of Gryphon's investment potential, visit https://www.investing.com/pro/GRYP and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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