Gryphon Digital Stock Price, News & Analysis

Gryphon Digital Mining (NASDAQ:GRYP) has provided an update on its ongoing litigation with Sphere 3D Corp. During a court conference on June 27, 2024, Sphere conceded it would no longer seek to impose liability on Gryphon for a 2023 incident involving the impersonation of Sphere's CFO and a request to transfer 26 bitcoin. This concession eliminates Gryphon's liability for these allegations.

Gryphon maintains that Sphere's remaining allegations lack merit and will continue to defend against them. Meanwhile, Gryphon is pursuing its own claim against Sphere, seeking approximately $45 million in damages for alleged breaches of the MSA. The litigation is currently in the early stages of discovery.

Gryphon Digital Mining (NASDAQ:GRYP) released its Q2/24 operational update, highlighting a 20% YoY growth in hashrate, reaching a company record of 899 PH/s. The company achieved a record monthly energy efficiency of 28.5 J/T in June and produced approximately 84 bitcoin, valued at around $5.5 million based on an average bitcoin price of $65,916 for the quarter. Gryphon's mining fleet maintained a 99.4% uptime in June and the company was included in the Russell Microcap Index as of July 1st.

The company continues to focus on growth, reviewing over 20 opportunities with a focus on High Performance Computing (HPC). Gryphon has also committed to peak operational efficiency, with a bitcoin efficiency of 25 BTC/EH in June and a treasury holding of 16 bitcoin at the end of the quarter.

Gryphon Digital Mining announced its May 2024 operational update, highlighting a record-breaking energy efficiency of 28.6 joules per terahash (J/T) achieved through new Bitmain S21 200 TH/s machines, which are 43% more efficient than previous models. The company produced approximately 22 bitcoin, valued at around $1.4 million based on an average May bitcoin price of $65,071. Gryphon achieved a bitcoin efficiency of 24 BTC/EH and maintained an average uptime of 98% on its mining fleet. Additionally, Gryphon qualified for inclusion in the Russell Microcap Index, effective from July 1st, and continues to operate with 100% zero-carbon hydro power for its Scope 1 and Scope 2 operations. As of the end of May, the company held about 17 bitcoin in its treasury.

Gryphon Digital Mining (Nasdaq: GRYP), a bitcoin mining company focused on renewable energy and a negative carbon strategy, is set to join the Russell Microcap® Index. This inclusion, effective July 1, 2024, marks a significant milestone for Gryphon, enhancing its visibility to institutional investors. CEO Rob Chang highlighted the company's progress in bitcoin mining operations, emphasizing operational efficiency and cost-effectiveness. The inclusion in the index is expected to reflect Gryphon's growth and attract more investment. FTSE Russell's CEO, Fiona Bassett, explained that the reconstitution process ensures the indexes remain accurate and relevant.

Gryphon Digital Mining (NASDAQ:GRYP) reported its Q1 2024 financial results, showcasing significant developments. The company achieved total mining revenue of $7.5 million, up from $4.8 million in Q1 2023. Despite this, the net loss increased to $11.7 million compared to $6.9 million in the previous year. The breakeven cost per Bitcoin rose sharply to $34,063 from $12,910 in Q1 2023. Gryphon's self-mining hash rate capacity reached 0.94 exahash, thanks to miner upgrades completed ahead of schedule. A $5 million share buyback program was also announced, indicating confidence in the company's strategy. Current assets total $7.1 million, with total liabilities at $30.2 million. Projections for 2024 estimate a gross profit of $16.6 million, assuming Bitcoin's average price is $70,000.

Gryphon Digital Mining, Inc. (NASDAQ:GRYP) will host a conference call on May 14, 2024, to discuss first-quarter results. The company is certified as 100% renewable and focuses on a negative carbon strategy.

Gryphon Digital Mining, Inc. (NASDAQ:GRYP) announced its April operational update, revealing key highlights such as producing approximately 40 bitcoins valued at $2.6 million, achieving a record average self-mining hashing power of 914 PH/s, and an efficiency improvement to 28.7 J/T. The company remains committed to running operations sustainably with 100% renewable energy sources. Gryphon also shared details about machine upgrades and upcoming conferences for networking and industry participation.