Sphere 3D’s fully deployed 15,000 miners are expected to have over 1.5 Exahash and generate 940 BTC in 2024 based on current network hashrate. Gryphon earns 22.5% of gross operating profit royalty from all of Sphere 3D’s current and future blockchain operations through August 2026
During January, Gryphon mined approximately 58 bitcoin-equivalent coins and 68 BTC in December
In February GRYP Produced approximately 52 bitcoin comprised of 45 BTC from self-mining operations and 7 BTC from its bitcoin mining royalty with approximately $2.6 million in value based on an average February bitcoin price of $49,875
Certified 100% renewable energy operation heading into 2024
READ THE INVESTOR PRESENTATION HERE
Hello Everyone,
We have another busy week planned ahead for our members.
With Bitcoin just hitting $72k and the “Halving” quickly approaching, we have been seeing crypto once again dominate the headlines.
We want you to watch this new profile that is brand new to the Nasdaq and appears to be generating millions a month in value based off of their recent news announcements.
Pull up GRYP Immediately.
Gryphon Digital Mining is a public Bitcoin miner that recently has been listed on the NASDAQ exchange and has established itself as a leader in sustainability and efficiency. Led by Rob Chang, the management team leverages its many years in the public Bitcoin miner space and utilizes an asset-light Business model to compete in this highly competitive industry.
Gryphon Digital Mining has grown significantly in the past three years by adding sustainable hashing power to its operations through strategic partnerships and ASIC fleet upgrades. The company has recently been listed on the NASDAQ exchange through a reverse merger with the public company Akerna.
Gryphon Digital attempted to execute a reverse merger in 2021 with Sphere 3D, a public net carbon-neutral cryptocurrency miner, but they both mutually agreed to not proceed with the merger. Gryphon Digital decided to enter a master services agreement to manage all of Sphere 3D’s blockchain operations for a five year period at a 22.5% gross profit royalty. Although the agreement is through August 2026, Sphere 3D has moved to terminate this arrangement. Gryphon believes that the agreement will continue on despite the litigation and forecasts over $6 million in 2024E revenue from the partnership.
Since Gryphon Digital’s stock has began trading publicly on February 9th, 2024, the stock has underperformed due to the overselling from short-term investors that were largely in the stock to capitalize on the anticipated reverse merger closing. The stock began to stabilize and the market cap is beginning to increase back to ~$100 million as the price of Bitcoin continues to climb in the current bull market. The public listing will enable Gryphon Digital to utilize the public markets to fund its M&A growth strategy and compete with bigger miners in the market.
Bitcoin mining involves specialized computers (ASICs) verifying transactions and solving complex mathematical problems to add blocks to the blockchain. Miners compete through computing power to solve these problems, with the first successful miner adding the block and receiving new bitcoins and transaction fees as a reward. The process ensures network security and decentralization, with difficulty adjusting based on how many miners are in the network to maintain a consistent block time. Bitcoin miners are all preparing for the upcoming Bitcoin supply halving which occurs every ~4 years and cuts the rewards given to miners in each block by half. This halving is expected to occur in April 2024, and miners that are operating with inefficient and obsolete fleets will not be able to survive. Historically, inefficient miners have been forced to stop operating because the cost to mine a Bitcoin doubles immediately once the halving occurs since the rewards are halved; so, miners must have a strategic plan to mitigate this. The Bitcoin mining space has already seen some consolidation in the market and many public players like Cleanspark and Marathon are shopping around for smaller companies to acquire for additional cost synergies and computing power. Gryphon Digital Mining is well-positioned to outperform less efficient public miners going into the Bitcoin halving this year and can now utilize the public capital markets for its M&A strategy and rely on its seasoned leadership team that has managed through multiple Bitcoin cycles in the past to execute sustainable growth. Additionally, the asset-light model that Gryphon Digital utilizes will enhance its flexibility and enable the company to respond to new developments in the digital asset ecosystem unlike other larger miners in the space.
Bitcoin’s code enforces a cap of 21 million coins, with 93.5% already in circulation and the remaining 1 million to be gradually distributed over the upcoming century. The mining reward halves every four years, resulting in a diminishing rate of new Bitcoin creation, making it a deflationary asset. Like in previous cycles, the price of Bitcoin has begun to see material gains in the winter period approaching the next halving; miners demand higher prices for the asset since the rewards get halved. After Bitcoin reaches the previous cycle’s all-time-high, price discovery will be unleashed again and the lucrative summer period will start.
Gryphon Digital Mining Announces February Operational Update
Self-mining hashing power reaches new all-time high
LAS VEGAS, NV / ACCESSWIRE / March 11, 2024 / Gryphon Digital Mining, Inc. (NASDAQ:GRYP) (“Gryphon” or the “Company”), a bitcoin mining company that is independently certified to be 100% carbon-neutral and pursuing a negative carbon strategy, has released its unaudited operational update for February 2024.
Key highlights for the month:
- Produced approximately 52 bitcoin comprised of 45 BTC from self-mining operations and 7 BTC from its bitcoin mining royalty
- Approximately $2.6 million in value based on an average February bitcoin price of $49,875
- Achieved bitcoin efficiency of 57 BTC/EH[1]
- Company record average self-mining hashing power of 911 PH/s
- Total attributable hashing power of about ~1.3 EH/s
During February, Gryphon earned approximately 52 bitcoin coins while posting a Company record average self-mining hashing power of 911 PH/s and total attributable hashing power of approximately 1.3 EH/s. The month’s performance translated into a bitcoin efficiency rating of 57 BTC/EH.
“February was a strong month for Gryphon as we achieved all-time highs in our self-mining hashing power while earning bitcoin valued at $2.6 million based on an average BTC price of $49,875 during the month,” remarked Rob Chang, the CEO of Gryphon. “With Bitcoin prices now over $60,000 in March, we look forward to enhanced returns as we continue working on our market-leading bitcoin efficiency.”
February’s bitcoin efficiency performance of 57 BTC/EH follows January’s 67 BTC/EH performance that ranked first among publicly disclosing peers, which averaged 55 BTC/EH for the month. In the last twelve-month rolling period, Gryphon’s bitcoin efficiency ranked at or tied for first in 9 out of the 12 months, averaging 82 BTC/EH vs a peer rolling average of 68 BTC/EH. Since Gryphon commenced operations in September 2021, it has consistently placed among the top three of these publicly available bitcoin efficiency scores – ranking at or tied for first in 19 of the 29 months, or two-thirds of the time.
Gryphon’s average self-mining hashing power increased to an all time high of 911 PH/s in February. Increasing month over month by 5% as newer generation S19k Pros had a full month of operation. Total attributable hashing power remained at 1.3 EH/s. The average joules per terahash of Gryphon’s deployed fleet of miners averaged 28.9 J/T, which improved from the 29.5 J/T average observed in February 2023.
Halvening Plans
With our recent Nasdaq listing, we continue to look towards aggressively expanding through M&A opportunities and purchases of the latest generation mining equipment. With the halvening expected in April 2024, our strategy is to maintain our focus towards staying on the lower end of the mining operation cost curve, continuing to be among the most operationally efficient miners, and remaining among the most efficient[2] in deploying the capital we receive.
Conference Schedule:
- Roth 36th Annual Conference held in Dana Point, CA March 17th – 19th
- Empower Conference held in Houston, TX on March 26th – 27th
- “The Next Frontier: Bitcoin Mining in a Post-Halving Era” Conference hosted by Maxim Groupheld virtually on April 3rd
- LD Micro Invitational XIV held in New York, NY on April 8th – 9th
- Bitcoin 2024 held in Nashville, TN on July 25th – 27th
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MANAGEMENT
ROB CHANG
CEO, President, & Director
Rob is an experienced executive who most recently was the CFO of Riot Blockchain and has consulted for other publicly traded blockchain mining companies. He has over 25 years of experience in the financial services industry including serving as the Managing Director and Head of Metals & Mining at Cantor Fitzgerald where he was recognized by Bloomberg as the Best Precious Metals Analyst in Q1 2016. His career achievements include rescuing a NASDAQ-listed company from bankruptcy despite regulatory and industry headwinds. Mr. Chang is frequently quoted and a regular guest of several media outlets including Bloomberg, Reuters, CNBC, and The Wall Street Journal. Mr. Chang also previously served as Director of Research and Portfolio Manager at an investment firm that managed $3 billion in assets. He currently sits on the boards of Ur-Energy and Fission Uranium. Mr. Chang completed his MBA at the University of Toronto’s Rotman School of Management.
SIM SALZMAN
CFO
Sim Salzman is a results-oriented Chief Accounting/Financial Officer with over 20 years of experience in public and private accounting serving clients in the cryptocurrency, hospitality, retail, food and beverage, gaming, non-profit, residential and commercial construction, real estate and low-income housing industries.
He has over two years of experience as the Chief Financial Officer and Chief Accounting Officer of one of the largest bitcoin mining Companies that grew its market cap from $500 million to approximately $8 billion within my first twelve months. There I was responsible for implementing a new accounting system, streamlining financial processes, improving efficiency and accuracy of financial reporting, forecasting, and budgeting, building a lean but high-performing financial team, and collaborating closely with senior management to align financial goals with overall business objectives while maximizing shareholder returns. Utilized the capital and debt markets to raise over $2 billion in liquidity for operational purposes.
Sim has experience as the Chief Financial Officer of a growing media and hospitality organization responsible for implementing core competencies and timely analytical reviews. Embraced multiple roles while leading a corporate restructuring that positively impacted the top and bottom line.
Five years’ experience with one of the country’s leading hospitality development and management companies as the Corporate Controller responsible for over $215M in annual revenues across 20 venues located on the Las Vegas Strip.
Sim set up policies and procedures for State and Federal compliance in regards to filing deadlines such as Unclaimed Property, Form 1042, Sales & Use Tax, Commerce and Modified Business Tax. Dealt directly with the external Tax Firm to file various annual 1065’s and liaison to the IRS for research and guidance on any pertinent issues.
Sim’s prior experience includes working for eight years in public accounting with four leading firms with clients in various industries. Passed the Uniform CPA Exam.
CHRIS ENSEY
Chief Technical Advisor
Chris is a leading expert in crypto data centers and has consulted North America’s largest public mining firms on building successful operations. He is a technology executive with a career spanning blockchain, cybersecurity, and enterprise software. His mix of technical and business acumen has led to successful leadership roles including acting CEO and COO of Riot Blockchain, CTO of BlueVoyant and COO and founder of Dunbar Cybersecurity. Mr. Ensey has 25 years of experience developing mission-critical software with an emphasis on large data, analytic processing, and cloud technologies. He has driven numerous products to market, including solutions for managed security services, cyber risk management, and digital healthcare. He began his career as a system engineer and integrator working on national intelligence and defense programs with SAIC. Chris has a bachelor’s degree in Computer Engineering from Virginia Tech.
BRITTANY KAISER
Chair of the Board
Brittany Kaiser is an entrepreneur, activist, and globally recognized expert in data protection and privacy. As Co-Founder of the Own Your Data Foundation, she teaches digital literacy education and training to governments, corporates, and families. She is also a Co-Founder of the Digital Asset Trade Association (DATA) for legal advocacy where she does legislative drafting and lobbying on privacy and blockchain laws. Ms. Kaiser sits on the board of many companies across industries, working on data ethics, compliance, and privacy protocols. Ms. Kaiser is also the author of Targeted published globally by Harper Collins, and she is the main subject of Netflix’s original documentary “The Great Hack”, nominated for an Emmy, BAFTA, and shortlisted for an Oscar. As a renowned thought leader and public speaker, Ms. Kaiser is represented by CAA and has spoken at prestigious events at the United Nations, the European and British Parliaments, the G20, and WebSummit, as well as guest lecturing at universities such as Harvard, Oxford, and Columbia.
STEVE GUTTERMAN
Director
Steve has built, led, acquired and invested in market-changing companies for 25 years. He is currently the CEO of Falcon International, one of the largest private cannabis companies in California.
Previously, he served as President of Harvest, since acquired by Trulieve to form the largest cannabis company in the US as measured by revenue. Prior to Harvest, he held a variety of senior roles including at E*TRADE Financial, where he was EVP and COO of E*TRADE Bank, where he was instrumental in the Bank’s growth from $1 billion in assets to $35 billion. He was the CEO of GeoPoll, a leading market research company in developing world countries, and was Managing Director of MBH Enterprises, a private equity company focused on technology and infrastructure investments. He holds a JD/MBA from Columbia University and a BA from Tufts University.
HEATHER COX
Director
Heather Cox was most recently the Chief Digital Health and Analytics Officer for Humana. In this role, Heather was accountable for building Humana’s digital care delivery operations and leading enterprise advanced analytics, including the application of Artificial Intelligence at scale in healthcare.
Prior to joining Humana, Heather served as Chief Technology and Digital Officer at USAA, where she led the teams responsible for designing and building personalized and digitally enabled end-to-end experiences for USAA members. Heather has also designed, built, and served as CEO of Citi FinTech at Citigroup, building a fintech start-up that allowed the company to harness the innovation in the global fintech ecosystem and to adapt to a future dominated by mobile technology. Before that she, headed Card Operations for Capital One.
Heather was named by American Banker magazine as the #3 Woman to Watch nationally in banking by American Banker Magazine in October 2017. She was also named to American Banker’s Women to Watch list in 2011, 2013 and 2016. In 2015, she was named one of the 10 Most Innovative CEOs in Banking by Bank Innovation, as well as Digital Banker of the Year by American Banker. In 2018, Heather was appointed to the NRG Energy Board of Directors and was elected to the Atlantic Union Bankshares Board of Directors in August 2022.
JESSICA BILLINGSLEY
Director
Jessica is a seasoned executive and innovator with decades of experience in frontier technology. She is named on multiple patents including advancements in supply chain technology and anti-counterfeit solutions using blockchain and NFTs. Her experience includes leading successful public and private companies as CEO and serving on multiple boards of directors. Jessica possesses in-depth expertise in private and public capital markets and has successfully navigated complex transactions to drive growth and business transformation. She is also FINRA securities licensed.
Previously, as Founder, Chairman of the Board, and CEO of Akerna (Nasdaq: KERN), a Software as a Service ag-tech company, she successfully publicly listed, completed multiple accretive acquisitions, maintained market leadership for over a decade, and exited via strategic acquisition. Jessica currently serves on the boards of Gryphon Digital Mining (NASDAQ:GRYP), Nu Energy (NASDAQ:NXU), OARO, and the Young President’s Organization (YPO) Entrepreneurship Network Board.
She has been recognized with numerous awards, including Inc. Top 100 Female Founder and Fortune’s Most Promising Woman Entrepreneur. Her insights and thought leadership have been featured in numerous prominent media outlets, in addition to her active contribution to Entrepreneur and Rolling Stone publications.
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