Bitcoin

Ultra

Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has made a strategic move by acquiring Bitcoin mining operations in Louisiana that benefit from ultra low-cost <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> 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 <a href="https://bitcoinmagazine.com/business/gryphon-digital-mining-acquires-low-cost-bitcoin-mining-operations-at-0-01-kwh">Bitcoinmagazine</a>. 
CEO Rob Chang highlighted the significance of this acquisition, emphasizing that securing such low-cost power is crucial for thriving in the current post-<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> Bitcoin mining landscape, which is characterized by increasing global <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a>. 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.

Gryphon Digital Mining Secures Ultra Low-Cost Power at $0.01/kWh, Boosts Bitcoin Mining Operations

Ultramining_Eng

Other articles published on Aug 22, 2024

The Convergence of Bitcoin and NASDAQ: What Does it Mean?

How Sahil Arora Netted $3M with Celeb Token Pump-and-Dump Schemes

XRP and Cardano Investors Eye $1 Amid Growing Retail Interest; Intel Markets Primed to Skyrocket ...

Evaluating the performance of UEEx in the crypto trading market

DBS unveils blockchain solution for streamlined government grant disbursement

Shiba Inu Coin Price Forecasts 21% Gains, But $7B SHIB Could Ruin It

Join our free newsletter for daily crypto updates!