Gryphon Digital Mining Debuts on Nasdaq
Gryphon Digital Mining, Inc. debuts on Nasdaq as 'GRYP' after merging with Akerna Corp to create a carbon-negative bitcoin miner. The company boasts a total hashrate of 1.3 EH/s with S19K Pro machines, producing 788 bitcoin-equivalent coins in 2023. Gryphon excels in operational efficiency, ranking among the top three in bitcoin efficiency and plans to use 100% hydro power for mining operations in 2024. With a focus on ESG initiatives and carbon offset credits, Gryphon aims to lead in sustainability and expand through strategic acquisitions.
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Gryphon Digital Mining, Inc. debuts on Nasdaq as 'GRYP' after merging with Akerna Corp.
The company aims to create a carbon-negative bitcoin miner with a total hashrate of 1.3 EH/s.
Gryphon produced 788 bitcoin-equivalent coins in 2023 and excels in operational efficiency.
The company plans to use 100% hydro power for mining operations in 2024.
Gryphon focuses on ESG initiatives and owns carbon offset credits for sustainability.
CEO Rob Chang emphasizes the company's commitment to capital-efficient decision making and expansion through M&A opportunities.
The entry of Gryphon Digital Mining, Inc. into the Nasdaq under the ticker 'GRYP' represents a significant milestone for the company and the cryptocurrency mining industry. Gryphon's operational efficiencies, particularly its hashrate of up to 1.3 exahash per second, place it competitively within the sector. The reported production of 788 bitcoin-equivalent coins in 2023 indicates a robust mining operation, which is a key performance indicator for investors evaluating the productivity and potential profitability of mining companies. The focus on using 100% hydro power for mining operations aligns with the growing investor interest in environmentally sustainable practices within the cryptocurrency space. This ESG (Environmental, Social and Governance) commitment, alongside the 'Green Proofs for Bitcoin' certification, may attract a segment of the market that prioritizes green initiatives. Gryphon's strategy to be carbon-negative through the ownership of carbon offset credits further differentiates it from competitors and could provide a reputational advantage.
Gryphon's Nasdaq debut is a critical event that could influence its capital raising capabilities and provide a new level of liquidity for its shares. The company's focus on capital-efficient decision-making and its strategy to expand through machine purchases and mergers and acquisitions (M&A) suggest a forward-looking approach to scaling operations. This strategy could potentially lead to increased market share and higher revenue streams. However, investors should be aware of the inherent volatility in the cryptocurrency market, which can significantly impact the profitability of mining operations. The company's financial health, including its ability to manage the costs associated with purchasing newer generation mining machines and engaging in M&A activities, will be closely monitored by the market. The emphasis on operational performance and efficiency rankings indicates a strong operational foundation, but it is vital to assess how these factors translate into financial metrics such as margins, return on investment and earnings per share.
Gryphon's emphasis on a carbon-negative strategy and the use of renewable energy sources for bitcoin mining operations is a noteworthy development in the context of ESG investing. As an increasing number of investors and funds incorporate ESG criteria into their investment decisions, Gryphon's positioning could potentially lead to a premium on its stock. The 'Green Proofs for Bitcoin' certification and the independent verification of their carbon emissions by Energy Web are tangible steps that reflect the company's commitment to sustainability. However, it is important to critically evaluate the impact of these ESG initiatives on the company's bottom line and whether they translate into long-term shareholder value. The use of carbon offset credits to achieve a carbon-negative status is an innovative approach, but stakeholders should consider the credibility and effectiveness of these offsets in truly reducing the company's environmental impact.
02/09/2024 - 09:28 AM
Delivering a Bitcoin Miner with a pedigreed team, ESG focus, and market leading operational efficiencies
LAS VEGAS, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Gryphon Digital Mining, Inc. (“Gryphon” or the “Company”), is proud to announce its Nasdaq debut under the ticker symbol “GRYP” following its merger with Akerna Corp. Gryphon’s mission is to create a leading carbon-negative bitcoin miner and build upon its industry leading operational performance and pedigreed management team.
Gryphon joins Nasdaq with a total attributable hashrate of up to 1.3 exahash per second (“EH/s”) following the purchase of newer generation S19K Pro machines. In 2023, Gryphon produced 788 bitcoin-equivalent coins. The Company is also an established leader in bitcoin efficiency, consistently ranking among the top three in bitcoin efficiency rankings relative to publicly disclosing peers and placing at or tied for first in nine of the 12 months of 2023.
In 2024, Gryphon expects to conduct its bitcoin mining operations using 100% hydro power as verified by Energy Web, an independent, third-party auditor of carbon emissions. Gryphon was one of the original recipients of the “Green Proofs for Bitcoin” certification, which helps Bitcoin miners measure and manage their energy footprint to help accelerate decarbonization. Moreover, Gryphon seeks to lead the way through a carbon negative strategy as the Company owns carbon offset credits that may be used against its non-core Scope 3 emissions.
“We are thrilled to begin trading on the Nasdaq and to bring our history of operational performance to the market,” noted Rob Chang, CEO, President, and Director of Gryphon. “Combined with our carbon negative strategy, we believe we are bringing a bitcoin miner to the market that has blue chip execution with an ESG focus. Now that Gryphon is listed on the Nasdaq, we look forward to the opportunity to aggressively expand the company organically through machine purchases and through M&A opportunities while maintaining our tradition of capital efficient decision making.”
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from globally recognized brands, Gryphon is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation has a net carbon-negative strategy. More information is available on https://gryphondigitalmining.com/ .
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the "SEC"), including the section titled “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC by Gryphon on January 8, 2024.
INVESTOR CONTACT: Name: Rob Chang Company: Gryphon Digital Mining, Inc. Phone Number: (877) MINE-ESG (877) 646-3374 Email: invest@gryphonmining.com
What is Gryphon Digital Mining, Inc.'s ticker symbol on Nasdaq?
Gryphon Digital Mining, Inc.'s ticker symbol on Nasdaq is 'GRYP'.
How many bitcoin-equivalent coins did Gryphon produce in 2023?
Gryphon produced 788 bitcoin-equivalent coins in 2023.
What is Gryphon's total hashrate following the purchase of newer generation S19K Pro machines?
Gryphon's total hashrate is up to 1.3 exahash per second following the purchase of newer generation S19K Pro machines.
What type of power does Gryphon plan to use for its mining operations in 2024?
Gryphon plans to use 100% hydro power for its mining operations in 2024.
What certification did Gryphon receive related to energy footprint management?
Gryphon received the 'Green Proofs for Bitcoin' certification related to energy footprint management.
Who is the CEO of Gryphon Digital Mining, Inc.?
The CEO of Gryphon Digital Mining, Inc. is Rob Chang.
