Gryphon Digital Mining, a Bitcoin Mining company, announced that it has entered into an agreement in Louisiana to acquire electricity at a cost of approximately 0.01 dollars per kilowatt-hour (kWh).
Summary
- Bitcoin mining: Gryphon Digital and electricity at about $0.01 per kWh in Louisiana
- Bitcoin Mining and low-cost electricity in Louisiana
- The label “Made in USA” on the extracted blocks
Bitcoin mining: Gryphon Digital and electricity at about $0.01 per kWh in Louisiana
Gryphon Digital Mining, a Bitcoin mining company, has secured a favorable contract in Louisiana. It is an agreement for the acquisition of up to 2.9 megawatts (MW) of bitcoin mining operations, with electricity at the very low cost of about 0.01 dollars per kilowatt-hour (kWh).
Gryphon Acquires Ultra Low-Cost Power Mining Operations at ~$0.01/kWh.
Key highlights include:
• Ultra-low cost of ~ 1 cent per kWh
• Identified a pipeline of 500 MW of similar opportunities
• Immediately accretive operating asset that is already generating cash flowRead… pic.twitter.com/DKNQnjzZJl
— Gryphon Digital Mining (@GryphonMining) August 20, 2024
“Gryphon acquires energy extraction operations at very low cost at ~0.01 dollars/kWh. The highlights are: Very low cost of ~ 1 cent per kWh; A pipeline of 500 MW of similar opportunities identified; Immediately accretive operating activity that is already generating cash flows.”
This cost of electricity for Bitcoin mining of $0.1 is among the lowest globally. Just consider that on average, the cost is about 0.05 dollars per kWh, although some companies manage to obtain rates as low as 0.03 dollars/kWh.
Specifically, the agreement of Gryphon Digital Mining provides for the acquisition of up to 2.9 megawatts of bitcoin mining operations in Louisiana.
Not only, with an investment of 1.5 million dollars, Gryphon will purchase state-of-the-art mining facilities, complete with gas power generators and high-performance bitcoin mining machines capable of reaching 59 PH/s.
The management of the bitcoin mining company also believes that these low-cost energy assets can generate about 1 million dollars in annual revenue.
Bitcoin Mining and low-cost electricity in Louisiana
Gryphon Digital Mining focuses on efficient and low-cost operations, with a keen eye on ESG.
Regarding the environmental management of its bitcoin mining activity, the company intends to reuse waste into energy resources, exploiting combustion gas, a byproduct of oil extraction, significantly reducing carbon emissions.
Regarding the new advantageous contract in Louisiana, Rob Chang, CEO of Gryphon, commented as follows:
“We believe that this acquisition of ultra-low-cost energy is our first step along a path of over 500 MW of low-cost energy generation opportunities. The current post-halving world requires bitcoin miners to secure low-cost energy in order to thrive in a growing global hashrate environment. With the acquisition of this ~1 cent power asset and future energy generation assets with similar costs, we believe that Gryphon will strengthen its position as a leading low-cost operator with a competitive advantage in a key aspect of bitcoin mining costs.”
This acquisition of low-cost electricity will expand Gryphon’s capabilities in the field of high-performance computing (HPC) and hosting services, further diversifying its technology portfolio and operational reach.
The label “Made in USA” on the extracted blocks
Recently, regarding Bitcoin mining, the company Marathon Digital from Las Vegas has made headlines. In its announcement, Marathon stated that it wants to add the label “Made in USA” to all newly mined blocks.
It is precisely a decision that aims to give a patriotic sense to the activity of mining bitcoin, a good of an agnostic nature.
The CEO of Marathon, Fried Thiel, emphasized how the company’s commitment to marking BTC blocks with the USA production stamp, also reflects the strong presence of the company in the crypto sector.
This announcement comes after the candidate for the US Presidency, Donald Trump, had expressed on Truth Social the desire that all remaining BTC were effectively “Made in USA”.