Mining with an emphasis on clean energy, Gryphon Digital Mining wants to take advantage of the opportunities the industry has created in today’s conditions.
According to the statement made today, Gryphon produced 71 bitcoin equivalent coins using the hash rate of 548 PH / s during the month of June.
Gryphon, which started mining in September 2021, had produced 62 coins in May, thus improving its mining performance by about 15% month-to-month.
The company also increased the hash rate by 17% month to month, and this rate is expected to increase further with new devices from Bitmain.
Gryphon management, regarding the current conditions in the industry, “As a result of the recent decline in the Bitcoin price, we are seeing some signs that some companies in the industry are in a difficult position, with their plans optimistically and overly aggressively.” made a statement.
Company management believes they are doing well compared to some other mining companies in the industry:
“Gryphon is in a position to take advantage of the opportunities that come our way, given our low-cost, positive cash flow operations and approximately $28 million in low-interest debt.”
The company does not see the $28 million debt it has received as a problem, and it “received in bitcoin” and repayment of debt in bitcoin will emphasize. According to Gryphon management, this removes the risks the company may face in terms of dollars.