Gryphon Virtual Mining, Inc. (NASDAQ: GRYP) has taken a bulky step in reducing its energy prices through obtaining Bitcoin mining operations in Louisiana that leverage extremely cheap electrical energy at roughly $0.01 in line with kilowatt pace (kWh).
Gryphon Acquires Extremely Low-Price Energy Mining Operations at ~$0.01/kWh.
Key highlights come with:
• Extremely-low value of ~ 1 cent in line with kWh
• Known a pipeline of 500 MW of related alternatives
• Right away accretive working asset this is already producing money streamLearn… pic.twitter.com/DKNQnjzZJl
— Gryphon Virtual Mining (@GryphonMining) August 20, 2024
This $1.5 million acquisition, which contains as much as 2.9 megawatts (MW) of operational capability and 59 PH/s of Bitcoin mining apparatus, comes absolutely provided with belongings, together with gasoline energy turbines and bins, and is anticipated to generate about $1 million in annual earnings, in line with the announcement.
“We believe that this acquisition of ultra low-cost power is our first step along an identified path of over 500 MW of similar low-cost power generation opportunities,” mentioned Gryphon CEO Rob Chang. “The current post halving world is requiring bitcoin miners to secure low-cost power in order to thrive in an increasing global hashrate environment. With the acquisition of this ~1 cent power asset and future power generation assets with similar costs, we believe Gryphon will enhance its position as a leading low-cost operator with a competitive advantage in a key cost aspect of the bitcoin mining business.”
Gryphon bolstered that it’s dedicated to decreasing carbon emissions by using flare gasoline in its operations. Flare gasoline, a byproduct of oil extraction this is continuously burned off and spared into the condition, is repurposed through Gryphon as an power supply for Bitcoin mining. By way of changing this in a different way wasted gasoline into fruitful power, Gryphon now not simplest powers its mining operations but in addition mitigates environmental have an effect on through reducing the carbon emissions that might had been generated thru flaring.
“We are particularly excited about the opportunities ultra low-cost power can afford us,” additional said Chang. “We expect that low-cost power will allow for the possibility of greater margins using state of the art mining equipment or enabling return on investment on cheaper machines that are not economically viable at higher cost operations. Other possibilities include hosting services or providing high performance computing operations.”
