Bitcoin
Bitcoin Miners Switch to Renewable Energy
Bitcoin has been dominating the news cycle lately, from the recent halving to the 30+ banks starting their own Bitcoin ETF.
Crypto miners also made news, buying up local and older real estate industrial buildings across America, from Texas for new Yorktransforming old forgotten properties into huge mining supercenters.
This includes some of the biggest names in the industry.
A handful of C-level executives from some of the biggest names in the crypto mining industry have come together to form a new company that we believe could single-handedly change the way cryptocurrency is minted forever.
Enter Gryphon Digital Mining – one of the first and only Bitcoin miners in the world operating 100% with renewable energy.
“Gryphon is pioneering the realm of zero-emission bitcoin mining, with a limited carbon footprint thanks to its now exclusive use of renewable energy,” said Adam Hearne, CEO of CarbonChain. CarbonChain is a software company capable of measuring a company’s carbon footprint.
Gryphon Digital Mining has worked annually with CarbonChain to achieve this goal.
Last year, the company used more than 98% renewable energy in its operations – this year it reached full capacity.
This alternative energy approach could prove to be what makes Gryphon stand out among its peers, as experts predict that only the most efficient miners will survive.
This is the “death of the dirty miners,” Rob Chang, CEO of Gryphon Digital Mining, a specialist in this segment that has become carbon neutral and has one of the lowest mining costs in the industry, told Bloomberg BNN in a recent interview.
This is not hyperbole from a rising CEO – Congress is actively trying rein in miners using traditional carbon-based fuel sources. New York has gone so far as to ban crypto mining using traditional energy sources.
By powering its mining centers exclusively with renewable energy, Gryphon is able to sidestep a significant regulatory issue that cryptocurrency currently faces.
Using power from a gigantic hydroelectric dam along New York’s Lawrence River, Gryphon Digital Mining is the dark horse in the crypto mining space, not just because it is one of the lowest-cost bitcoin miners in the world, but because it also It’s the cleanest.
Source: Ontario Power Generation
Its digital mining operations are 100% carbon neutraland the company is even pursuing a carbon-negative strategy.
This gives Gryphon Digital a distinct advantage over competitors and could help it avoid being targeted by green politicians. Thanks to its renewable energy strategy, the company mined bitcoin forit’s just $18,217/BTC in 2023.
For reference, Bitcoin has not come close to $18,000 in 18 months. We believe this gives Gryphon a huge advantage as the cost to most competitors is more than US$40 thousand to mine coins.
Before the most recent halving, Wall Street claimed that these mining companies were “print money.”
However, energy efficiency is what separates those who survive and thrive after the halving. And many will not survive according to experts.
“This acts as a great filter, distinguishing between efficient and profitable miners and those less capable,” said Raphael Zagury, chief investment officer at Swan Bitcoin – a Bitcoin-focused financial services company –. Cointelegraph in February.
For those familiar with the inner workings of the company, this should come as no surprise given the experience of the Gryphon Digital Mining team.
The new public company is led by CEO, President and Director Rob Chang, a commodities expert who previously served as CFO of Riot Blockchain.
Riot Blockchain was one of the first crypto mining stocks to hit the market a few years ago. The company traded from just $1 to more than $70 at one point.
He also served as managing director and head of metals and mining at Cantor Fitzgerald.
Chang is joined by another big name in cryptocurrency as Chairman of the Board, Brittany Kaisera world-renowned blockchain thought leader who has not only co-authored more than 40 laws in the United States designed to promote and protect blockchain businesses, but also serves on the Wyoming State Congressional Standing Committee on Blockchain, Fintech, and Digital Innovation .
Gryphon’s CFO is Sim Salzman, former CFO of Marathon Digital Holdings. Salzman oversaw the growth of Marathon’s market value from $500 million to more than $8 billion in a 12-month period.
As a result, Marathon Digital Holdings shares went from less than $1 dollar to $75 per share in the latest crypto bull run.
The company’s chief technical advisor is Chris Ensey, another well-known face previously at Riot Blockchain, founder of Dunbar Cybersecurity and former associate director at IBM
The Griffin is approximately 9,000 mining machines are mining 24 hours a day and the company recorded revenue of US$21 million last year.
As strange as this number may seem, with over 31 banks investing in Bitcoin and creating ETFs, including the world’s largest financial asset manager, Blackrock Financial, we believe there is no doubt that demand will soon begin to outpace demand. offer.
Sometime in the next 9 months, experts are already predicting a Bitcoin supply shock of sorts. Mainly due to the fact that there is less and less Bitcoin entering the market every day…
Currently, almost 450 new Bitcoins enter the market on average every day. With more than 30 banks competing for such a limited supply, Gryphon Digital Mining could soon have a long line of customers.
“We hope more people adopt our approach,” Chang told Bloomberg BNN.
As things currently stand, it won’t be a surprise if the entire industry looks closely at Gryphon’s model.
Per. Tom Kool
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