LAS VEGAS - Gryphon Digital Mining, Inc. (NASDAQ: GRYP), a company aiming to be a leading carbon-negative bitcoin miner, has announced its operational update for January 2024, highlighting a record average self-mining hashing power of 864 petahash per second (PH/s) and the production of approximately 58 bitcoin-equivalent coins. Despite this achievement, the company experienced a 16% decrease in bitcoin efficiency compared to December 2023, now at 68 BTC per exahash (BTC/EH).
The company's operational efficiency has been a strong point, with Gryphon ranking at or tied for first in bitcoin efficiency in nine out of the 12 months in 2023, averaging 86 BTC/EH against a peer average of 71 BTC/EH. However, January's production marked a 14% decrease from December's 68 BTC, although the average self-mining hashing power saw a 2% increase, setting a new company record. This growth is attributed to the installation of new S19k Pro miners, mitigating the cessation of operations for 134 S19j Pro miners at a non-carbon neutral site.
Gryphon commenced trading on the Nasdaq under the ticker symbol "GRYP" on February 9, 2024, and is now looking to expand through machine purchases and mergers and acquisitions (M&A). With the upcoming bitcoin halving event in April, the company is focused on maintaining low operational costs and high operational efficiency.
The information in this article is based on a press release statement from Gryphon Digital Mining, Inc.
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