LAS VEGAS - Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company known for its commitment to renewable energy, has announced a new record in its quarterly hashrate, reaching 899 petahashes per second (PH/s) in the second quarter of 2024, marking a 20% increase from the same period last year.
The company, which operates entirely on zero-carbon emitting hydropower, also reported a record monthly performance in energy efficiency, achieving 28.5 joules per terahash (J/T) in June. Gryphon's operational update for June 2024 indicated that it expects to have produced approximately 84 bitcoins during the second quarter, with an estimated value of $5.5 million based on the average bitcoin price of $65,916.
CEO Rob Chang highlighted the company's efficiency, with a mining fleet average up-time of 99.4% in June and an energy efficiency performance of 25 BTC/EH for the month. Gryphon's bitcoin mining efficiency ranks among the top publicly available scores, consistently placing at or tied for first in 17 of the last 33 months.
In addition to its mining achievements, Gryphon has been included in the Russell Microcap Index as of July 1st. The company is also exploring growth opportunities, having reviewed over 20 potential projects and considering the integration of High-Performance Computing (HPC) into its plans.
Gryphon's focus on sustainable operations is further underscored by its recent certification as 100% carbon-neutral, with ongoing efforts to pursue a carbon-negative strategy. The company, which went public on Nasdaq in February of this year, holds approximately 16 bitcoins in its treasury as of the end of June.
This operational update is based on a press release statement from Gryphon Digital Mining, Inc.
In other recent news, Gryphon Digital Mining, Inc. has announced a new share repurchase program, authorizing the buyback of up to $5 million of the company's common stock. This initiative reflects Gryphon's commitment to shareholder value and strategic capital management.
Additionally, Gryphon has reported the early completion of its machine upgrade program. The deployment of new Bitmain S21 200 TH/s miners has replaced older equipment, improving the company's operational efficiency and adding approximately 23 PH/s to Gryphon's hashing power.
Gryphon's recent actions come as the company continues to be recognized for its environmentally conscious approach to bitcoin mining, having been certified as 100% carbon-neutral.
Shortly, Gryphon will be participating in several industry conferences, including Consensus 2024 by CoinDesk, Mining Disrupt, Bitcoin 2024, and the Blockchain Futurist Conference.
InvestingPro Insights
Gryphon Digital Mining, Inc. (GRYP) has made headlines with its impressive hashrate and energy efficiency, yet the financial metrics paint a more complex picture. According to InvestingPro data, the company's market capitalization stands at $44.77 million, indicating a relatively small player within the industry. The P/E ratio, a measure of a company's current share price relative to its per-share earnings, is negative at -0.92 for the current period, and further adjusted to -3.32 for the last twelve months as of Q1 2024. This suggests that the company is not currently profitable.
Despite a significant revenue growth of 16.78% over the last twelve months and an even more impressive quarterly revenue growth of 47.56% in Q1 2024, Gryphon's operating income margin is deeply in the negative at -44.02%. This indicates that while revenue is increasing, the costs associated with generating that revenue are disproportionately high.
In line with these data points, InvestingPro Tips highlight several challenges facing Gryphon. The stock has experienced a substantial decline, with a one-year price total return of -72.13% as of the latest data, and the price is currently only 7.62% of its 52-week high. Additionally, short-term obligations exceed the company's liquid assets, and Gryphon does not pay a dividend, which may be a concern for income-focused investors.
It's worth noting that Gryphon's commitment to renewable energy and its inclusion in the Russell Microcap Index are positive indicators of its potential for growth and recognition in the market. However, investors looking at the long-term financial health of the company should consider the full range of metrics available on InvestingPro. For those interested in a deeper analysis, there are 6 additional InvestingPro Tips available at https://www.investing.com/pro/GRYP, which could provide further insights into the company's financial position and performance.
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