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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 Miners Make Shift to Renewable Energy

Crypto

Bitcoin has dominated the news cycle lately, from the recent halving to the 30-plus banks starting their own Bitcoin ETF. 

Crypto miners have also made the news, buying up local real estate and old industrial buildings across America, from Texas to New York, transforming old forgotten real estate into huge mining super-centers.

This includes some of the biggest names in the sector. 

A handful of C-level executives from some of the industry’s biggest names in crypto mining have gotten 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 world’s first and only Bitcoin miners running 100% on renewable energy.

"Gryphon is a pioneer in the realm of zero-emissions 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 been working with CarbonChain annually to hit this goal.

Last year, the company used over 98% renewable energy for their operations - this year they hit full capacity.

This alternative energy approach could prove to become what makes Gryphon stand out amongst its peers, seeing how experts are predicting only the most efficient miners will survive.

This is the “death of dirty miners”, Rob Chang, CEO of Gryphon Digital Mining, amaverick in this segment that has gone carbon-neutral and boasts one of the lowest all-in mining costs in the industry, told Bloomberg BNN in a recent interview. 

This isn’t hyperbole from an up and coming CEO – Congress is actively trying to rein in the miners who are using traditional carbon-based fuel sources. New York has even gone so far as to ban crypto mining using traditional energy sources.

By powering their mining centers with renewable energy exclusively, Gryphon is able to sidestep a significant regulatory problem currently facing cryptocurrency.

Using power from a giant hydroelectric dam along the Lawrence River in New York, Gryphon Digital Mining is the dark horse in the crypto-mining segment, not just because it’s one of the lowest-cost bitcoin miners in the world, but because it’s also the cleanest. 

Source: Ontario Power Generation

Its digital mining operations are 100% carbon-neutral, and the company is even pursuing a carbon-negative strategy.  

This gives Gryphon Digital a distinct advantage over competitors and can help avoid targeting by green politicians. Thanks to their renewable energy strategy, the company mined bitcoin for just $18,217/BTC in 2023

For reference, Bitcoin hasn’t been near $18,000 in 18 months. We believe it gives Gryphon a massive advantage, seeing how the cost for most competitors is upwards of $40k to mine coins. 

Before the most recent halving, Wall Street claimed these mining companies were “printing money.” 

However, energy efficiency is what separates those who survive and thrive, post-halving. And many won’t survive according to experts.

“This acts as a great filter, distinguishing between efficient, profitable miners and those less capable,” Raphael Zagury, chief investment officer at Swan Bitcoin — a Bitcoin-focused financial services company — told Cointelegraph in February. 

To those familiar with the inner workings of the company it should come as no surprise, given the experience of Gryphon Digital Mining’s team.

The newly public company is led by CEO, President and director Rob Chang, a commodities expert who formerly 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 over $70 at one point.

He also served as managing director and Head of Metals and Mining for Cantor Fitzgerald. 

Chang is joined by another major name in crypto currency as Chair of the Board, Brittany Kaiser, a world-renowned blockchain thought-leader who has not only co-authored over 40 laws in the United States designed to promote and protect blockchain businesses, but also serves on the state of Wyoming's Congressional Standing Committee on Blockchain, Fintech and Digital Innovation. 

Gryphon’s CFO is Sim Salzman, former CFO of Marathon Digital Holdings. Salzman oversaw market cap growth for Marathon from $500 million to over $8 billion in a 12-month period. 

As a result, Marathon Digital Holdings stock went from below $1 dollar and went on to hit $75 a share in the last crypto bull run.

The company’s chief technical advisor is Chris Ensey, another familiar face formerly of Riot Blockchain, the founder of Dunbar Cybersecurity, and a former Associate Director for IBM

Gryphon’s approximately 9,000 mining machines are mining around the clock and the company posted $21 million in revenue last year.

As outlandish as that figure may sound, with over 31 banks piling into Bitcoin and creating ETFs, including the world’s largest financial asset manager in the world, Blackrock Financial, we believe there’s no doubt that demand is soon going to start outpacing supply.

Sometime within the next 9 months, experts are already predicting a Bitcoin supply shock of sorts. Mainly due to the fact there’s less and less Bitcoin entering the market by the day…

Currently, just about 450 new Bitcoin enter the market on average each day. With over 30 banks competing for such a limited supply, Gryphon Digital Mining may soon have a long line of customers.

“We hope more adopt our approach,” Chang told Bloomberg BNN.

With the way things are currently looking, it won’t be a surprise if the whole industry takes a hard look at Gryphon’s model.

By. Tom Kool

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