Gryphon Digital Mining Inc
NASDAQ:ABTC
Gryphon Digital Mining Inc
Gryphon Digital Mining, Inc. is a bitcoin mining company, which offers carbon-neutral bitcoin mining and digital assets mining operations. The company is headquartered in Las Vegas, Nevada and currently employs 3 full-time employees. The company went IPO on 2018-02-21. The firm is engaged in acquiring and developing energy assets for artificial intelligence (AI) and high-performance computing (HPC) data center infrastructure. The firm operates a digital asset (referred to as cryptocurrency) mining operation using specialized computers equipped with application-specific integrated circuit (ASIC) chips (known as miners) to solve complex cryptographic algorithms in support of the Bitcoin blockchain (in a process known as solving a block) in exchange for cryptocurrency rewards (primarily Bitcoin). The firm operates approximately 9,660 bitcoin ASIC mining computers from Bitmain Technologies Limited (Bitmain) that the Company has installed at third-party hosted mining data centers located in New York and Pennsylvania.
Gryphon Digital Mining, Inc. is a bitcoin mining company, which offers carbon-neutral bitcoin mining and digital assets mining operations. The company is headquartered in Las Vegas, Nevada and currently employs 3 full-time employees. The company went IPO on 2018-02-21. The firm is engaged in acquiring and developing energy assets for artificial intelligence (AI) and high-performance computing (HPC) data center infrastructure. The firm operates a digital asset (referred to as cryptocurrency) mining operation using specialized computers equipped with application-specific integrated circuit (ASIC) chips (known as miners) to solve complex cryptographic algorithms in support of the Bitcoin blockchain (in a process known as solving a block) in exchange for cryptocurrency rewards (primarily Bitcoin). The firm operates approximately 9,660 bitcoin ASIC mining computers from Bitmain Technologies Limited (Bitmain) that the Company has installed at third-party hosted mining data centers located in New York and Pennsylvania.
Strategic Shift: Gryphon is pivoting from pure Bitcoin mining to focus on developing power assets for high-performance computing (HPC) and AI infrastructure.
Captus Acquisition: The company signed a definitive agreement to acquire Captus, a large energy asset in Alberta, aiming to develop up to 4 gigawatts of power for data centers.
2024 Results: Gryphon mined 334 Bitcoin and generated $20.5 million in revenue, down from 740 Bitcoin and $21.1 million in 2023 due to the Bitcoin halving and rising global hash rate.
Cost Structure: Breakeven cost per Bitcoin rose sharply to $47,359 in 2024, up from $18,192 in 2023.
Financial Position: Adjusted EBITDA was negative $5.5 million, mainly due to $6 million in legal and marketing fees, but would have been positive excluding those one-time costs.
Debt Restructuring: The company converted $19.6 million in debt to equity and reduced liabilities, improving its balance sheet and shareholder equity.
Growth Funding: Management, board, and strategic partners invested in a $2.8 million equity raise to support the new HPC/AI strategy.
Execution Focus: Management emphasized ongoing execution, capital raising, and partnership formation to develop the Captus site, with announcements expected soon.
