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Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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Bitcoin Just Got a Lot More Interesting for Investors

BTC

With Bitcoin prices up more than 126% since last October – and with many experts predicting even higher prices in the months ahead – the question for investors is...        

What’s the best way to play crypto for maximum upside potential in 2024?

Some would recommend that you take advantage of this crypto bull market by simply investing in Bitcoin...or maybe adding one of the new Bitcoin ETF products to your portfolio. 

And while those types of investments can certainly do well in a rising market for crypto... We believe there is a way to potentially generate even greater upside. 

This is a scenario quite similar to what happens in a bull market for gold. Many investors see a rising gold price and look to invest in a gold ETF or in the metal itself. 

But the investors who have the highest potential upside are those who look for carefully-selected junior mining stocks. 

We believe the same principle applies to investing in the crypto market.

The highest upside potential for investors in the midst of today’s crypto bull market appears to be in the Bitcoin mining space...and potentially with one three-year-old company in particular.

Gryphon Digital Mining (NASDAQ: GRYP) is a public Bitcoin miner that has quickly established itself as a leader in its industry in both sustainability and efficiency.

In a relatively short period of time, Gryphon Digital Mining, thanks to the guidance of its experienced leadership team, has demonstrated significant growth and outstanding fundamentals. 

We believe that the company has rapidly emerged as one well positioned to take advantage of what figures to be a sustained crypto bull market throughout 2024 and beyond. 

“Perfect Storm” of Events Could Lead to Sustained Crypto Bull Market

Just within the past several months, a combination of events has taken place that could propel the crypto markets to higher prices and a long-term bull market.

First, in January 2024 the United States approved the first bitcoin exchange traded funds (ETFs).

This approval, naturally, brought about increased exposure for bitcoin as it gave investors a way to invest without holding it directly. 

What type of impact could the advent of a bitcoin ETF have on the crypto market long-term?

According to CNBC:

“Many are comparing (approval of a bitcoin ETF) to the greenlighting of the SPDR Gold Shares ETF – the first-ever spot gold ETF – in 2004. The total gold market capitalization was worth around $1 trillion to $2 trillion before the gold ETF was approved, and this subsequently ballooned to $16 trillion in a few years.”

More recently, in April 2024, Bitcoin’s halving event took place. Bitcoin halvings have typically been viewed as catalysts for a significant bull run in the Bitcoin market

As you can see in the chart below, the new Bitcoin bull market first got started in late October 2023, but picked up speed in January following the approval of Bitcoin ETFs in the United States.

Source: Coindesk

Now on the back-end of the Bitcoin halving event, the crypto markets appear poised to move higher again and continue what many are expecting to be a sustained bull market. 

This sustained bull market is likely to trigger a number of attractive opportunities for investors in the months ahead. 

We believe that at the top of the list for consideration should be Gryphon, as the company has quickly established itself as a leader in sustainability and efficiency. 

Here’s a look at some of what makes us believe that Gryphon Digital Mining (NASDAQ: GRYP) is one of the most attractive crypto-related investments for 2024 and beyond. 

Gryphon Digital Mining’s Growth Strategy Has Positioned the Company for Long-Term Success

Bitcoin mining is a large-scale operation performed by companies that use large data centers with purpose-built servers. 

Miners compete through computing power to solve complex mathematical problems in exchange for rewards of new bitcoins and transaction fees. 

To build up the necessary computing power, it is often necessary for bitcoin mining companies to spend exorbitant amounts of capital in the hope of future success.

But Gryphon’s business strategy is different.

The company is executing a strategy where they seek to grow at reasonable prices rather than at any cost.

Many companies in the bitcoin mining space have routinely operated at negative cash flows as a way to inflate their metrics and grab some quick attention.

But that strategy is not sustainable...and many of those companies have struggled mightily during crypto downturns or declared bankruptcy.

Gryphon has instead demonstrated consistent gross profitability.

We believe that one of the keys to the company’s financial success to date is their “Asset-Light” business model. 

Rather than invest massive amounts of capital into building and maintaining data centers, they have instead formed a key strategic partnership with one of the largest digital currency data centers in the world.

Through this key partnership, Gryphon is able to secure 28 Megawatts of hydro-powered energy for its approximately 9,000 miners.

The facility is located in upstate New York in an economic opportunity zone that welcomes and encourages business development to support its local community.

Gryphon (NASDAQ: GRYP) utilized a direct cost pass-through profit-sharing model with its hosting partner to arrive at a an average cost of $18,217/BTC in 2023.

This hosting arrangement helps reduce the company’s capital investment as well as its financial risk, which is an important part of its growth strategy. 

The company is today one of the most efficient public Bitcoin miners on the market. 

How April’s Bitcoin Halving Event Could Impact the Market Moving Forward...and Why This is Good News for Gryphon Digital Mining

Historically, Bitcoin halving – which occurs roughly every four years – has been devastating for companies operating with inefficient and obsolete fleets.

That’s because those inefficient miners simply cannot survive as the cost to mine a Bitcoin doubles. This can lead to consolidation in the market as many of those smaller or less-efficient companies face acquisition or bankruptcy. 

Gryphon, however, was very well-positioned to outperform less efficient public miners as Bitcoin halving approached. 

Here’s why:

The most important metric in the space is bitcoin efficiency. 

That’s a simple measurement: It’s the number of bitcoin generated divided by the hash rate. 

And Gryphon is consistently one of the leaders in this metric

In fact, they’ve ranked among the top three for the large majority of the company’s history. 

Additionally, Gryphon has one of the lowest costs-per-bitcoin in the industry. 

In 2023, the company reported an average cost of $18,217 which is believed to be among the lowest on an all-in operating cost basis for a Bitcoin miner. Post halving, the implied cost is expected to be ~$44,989.

This combination of high efficiency and low “all-in” cost-per-coin give the company a tremendous advantage in the face of potential industry consolidation post-halving. 

Proven Leadership Team Helps Position Gryphon for Continued Success

One of obvious keys to the success to date for Gryphon (NASDAQ: GRYP) is the company’s highly knowledgeable and experienced leadership team.

The leadership team has successfully built large Bitcoin mining operations before – and they’ve done it at the largest levels. 

This outstanding team includes...

CEO, President and Director Rob Chang, who previously served as CFO of Riot Blockchain and was a Managing Director and Head of Metals & Mining Research for Cantor Fitzgerald. 

  • CFO Sim Salzman, who previously served as CFO of Marathon Digital Holdings and oversaw market cap growth from $500 million to $8 billion over 12 months.
  • Chief Technical Advisor Chris Ensey, who is the former CEO & COO of Riot Blockchain and has developed over 100 MW in mining operations. 
  • Board Chairperson Brittany Kaiser, a globally-renowned expert in blockchain technology and digital assets who has co-authored 40 laws in the U.S. to promote and protect blockchain businesses. 

Not only has this industry-leading management team helped the company quickly emerge as one of the world’s leaders in Bitcoin mining efficiency, it has also helped the company develop an outstanding reputation as an environmentally responsible Bitcoin miner. 

Gryphon is an Independently Certified, 100% Renewable Energy Operation

Another key differentiator for them is their commitment to establishing a negative carbon strategy. 

The company is making this a reality through its acquisition of carbon offset credits and through its utilization of power from environmentally friendly sources (currently hydro-powered facilities). 

Gryphon (NASDAQ: GRYP) isn’t just “talking the talk” when it comes to sustainability and transparency, however...it’s also very much walking the walk.

In March 2024, the company became the first Bitcoin mining company to release a fully independent, third-party report detailing the accounting of its carbon footprint. 

That report – prepared by CarbonChain – stated that Gryphon is currently using 100% renewable energy, up from 98% in 2023.

Additionally, they were among a select group of five miners to be awarded a “Green Proofs for Bitcoin” certification based on the company’s clean energy use and contributions to grid stability via demand response.

Executive Summary

We believe that Gryphon Digital Mining has rapidly emerged as one of the leaders in the Bitcoin mining space and now appears to offer one of the best ways to play a long-term crypto bull market for maximum potential upside. 

This is a company that...

  • Has demonstrated significant growth in just 3 years’ time

  • Has always been gross profit positive throughout the company’s history...and is a consistent leader in terms of Bitcoin efficiency measurement (plus one of the lowest costs per bitcoin in the space)

  • Stands to benefit from the emergence of Bitcoin ETF products...as that creates a rising tide that helps Bitcoin miners like Gryphon
  • Appears to be significantly better positioned than many of its peers to thrive post-halving

  • Is unique in that it uses 100% certified renewable energy; in fact the company is even pursuing a carbon-negative strategy

  • Has an experienced leadership team with an outstanding pedigree and unique background...including executives with companies like Riot Blockchain

By. Tom Kool


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