Gryphon takes first step in its low-cost energy plan

LAS VEGAS, NV / ACCESSWIRE / August 20, 2024 / Gryphon Digital Mining, Inc. (NASDAQ:GRYP) (“Gryphon” or the “Company”), a Bitcoin mining company focused on low-cost, efficient operations with an ESG focus, is proud to announce the first step of its plans for a low-cost power pipeline.

Key highlights:

• Ultra-cheap electricity: Power purchase agreements with costs per kilowatt hour averaging around 1 cent

• Business assets: Up to 2.9 megawatts (“MW”) of the current operation are equipped with 59 PH/s Bitcoin mining machines

• Instant growth promoter: Depending on usage, management expects that these low-cost energy plants can generate annual revenue of approximately USD 1 million.

• Flexibility: The low-cost electricity will give the company the flexibility to pursue a variety of opportunities, including bitcoin mining, high-performance computing and machine hosting.

• Environmental protection: The use of flare gas reduces carbon dioxide emissions by utilizing a waste product that would otherwise release carbon dioxide emissions if flared.

• +500 MW power line: Gryphon continues to evaluate a pipeline of similar low-cost opportunities for potentially more than 500 MW

Gryphon is pleased to announce that it has entered into an agreement to acquire up to 2.9 MW of Bitcoin mining operations using ultra-low-cost electricity in the range of $0.01/kWh. The operations are located in Louisiana and are fully equipped, including gas generators, containers, and 59 PH/s Bitcoin miners. At a cost of $1.5 million, which can be funded through existing working capital, the acquisition is expected to be immediately accretive as it will generate free cash flow from day one.

“We believe this acquisition of ultra-low-cost power is our first step on an identified path of over 500 MW of similarly low-cost power generation opportunities,” noted Rob Chang, CEO of Gryphon. “The current post-halving world requires Bitcoin miners to secure low-cost power to succeed in an environment of increasing global hashrate. With the acquisition of this approximately 1 cent power asset and future power generation assets with similar costs, we believe Gryphon will strengthen its position as a leading low-cost operator with a competitive advantage in a key cost aspect of the Bitcoin mining business.”

“We are particularly excited about the opportunities presented by ultra-cheap power,” continued Mr. Chang. “We expect cheap power to enable us to achieve higher profit margins by using cutting-edge mining equipment or to provide a return on investment for cheaper machinery that is not economically viable in more expensive operations. Other opportunities include hosting services or providing high-performance computing operations.”

Expanding our environmental responsibility

The acquisition of flare gas operations also represents an exciting extension of Gryphon’s environmental leadership. In addition to utilizing a 100% independently certified hydroelectric facility in the Northeastern United States, Gryphon is helping to reduce carbon emissions through the use of flare gas operations. Flare gas is typically a byproduct of oil production and is often flared (“flared”) to prevent it from being released directly into the atmosphere. When Bitcoin miners use this otherwise wasted gas as an energy source, they effectively reduce the amount of flared gas, thereby lowering the carbon emissions that would have been released. This practice helps reduce environmental impact by converting a waste product into a productive energy source.

Conference schedule:

• HC Wainwright 26th Annual Global Investment Conference on September 9th in New York, NY^th – 11^th

• LD Micro Main Event XVII on October 28th in Los Angeles, California^th – 30^th

About Gryphon Digital Mining

Gryphon Digital Mining, Inc. is an innovative company in the Bitcoin space dedicated to integrating digital assets into a green energy grid. With a talented leadership team from globally recognized brands, Gryphon assembles thought leaders to improve the digital asset network infrastructure. Its Bitcoin mining operation in the Northeast U.S. was recently independently certified as 100% carbon neutral and the company also pursues a carbon negative strategy. For more information, visit 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 forecasts, predictions or other descriptions of future events or circumstances, including 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,” “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 regarding future events and financial results and are based on information currently available regarding the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any obligation 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 Gryphon’s control. 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 “Risk Factors” section in Gryphon’s Annual Report on Form 10-K filed with the SEC on April 1, 2024.

CONTACT FOR INVESTORS:
Name: James Carbonara
Hayden IR
Phone: (646)-755-7412
E-mail: (email protected)

SOURCE: Gryphon Digital Mining, Inc.