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Gryphon Mining 'Able to Take Advantage of Opportunities' in Sector

Mining

www.coindesk.com 11 July 2022 16:45, UTC
  
Reading time: ~2 m

Clean energy-focused bitcoin miner Gryphon Digital touted its operational efficiency and balance sheet flexibility in its June update.

“With the recent decline in the price of bitcoin (BTC), we have observed some companies in the space showing signs of distress as optimistic and over-aggressive plans become challenged,” Gryphon said in a statement Monday.

Taking note of its “low-cost, cash flow positive operations" and just $28 million in secured debt, the company said it's "positioned itself to be able to take advantage of opportunities."

Gryphon further noted that a recently obtained loan was both borrowed and payable in bitcoin, removing any dollar-denominated price risk.

The company said it mined 71 bitcoin in June, up about 15% from 62 the previous month. June's performance, said Gryphon, translated into a bitcoin efficiency rating of 129 bitcoin per exahash (BTC/EH) versus the industry average (for those who make these figures public) of 107 BTC/EH.

In April, the company and Sphere 3D Corp. terminated a deal for Gryphon to go public via a SPAC.

Read more: Bear Market Could See Some Crypto Miners Turning to M&A for Survival


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