GRYP Profile

May 20, 2024

Total mining revenue for 2023 of $21.1 million while Total mining revenue in Q1 2024 of $7.5 million, compared to $4.8 million in Q1 2023

Gryphon has authorized a stock repurchase program, allowing for the buyback of up to $5 million of its common stock

In 2023, the company produced 788 bitcoin-equivalent coins. At the present valuation, that’s $48.5 million USD in crypto

Certified 100% renewable energy operation heading into 2024

READ THE INVESTOR PRESENTATION HERE

In a recent interview with @TheStreet, Gryphon Digital Mining CEO Rob Chang highlighted the growing institutional demand for #Bitcoin, attributing it to the coin’s intrinsic value and scarcity. Tune into the full interview here: https://t.co/GYjGo3B6sC $GRYP #BitcoinMining
— Gryphon Digital Mining (@GryphonMining) March 15, 2024

Hello Everyone,

We have had some explosive profiles over the past few weeks.

You should remember this next one.

We profiled it before a few months back where it saw an average of trade of 1.50 on the session.

Exactly 2 weeks later it hit 1.89 for a 26% move. I hope that you were watching it.

Put GRYP back on your radar 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.

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.

April operational updates including record average self-mining hashing power of 914 PH/s. $GRYP CEO @omnipotent32 joins @McnallieM and @cazenove_uk to discuss insight into corporate achievements and developments. Watch the interview here: https://t.co/2hanQXR5Mx $GRYP $BTC
— Gryphon Digital Mining (@GryphonMining) May 7, 2024

Gryphon Digital Mining, Inc. Reports Fiscal Year 2023 Financial Results

LAS VEGAS, NV / ACCESSWIRE / April 1, 2024 / Gryphon Digital Mining, Inc.(Nasdaq:GRYP) (“Gryphon” or the “Company”), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, today reported financial results for its fiscal year ended December 31, 2023.

Rob Chang, CEO of Gryphon, commented, “2023 and the year to date has been a transformational period for Gryphon, culminating in our Nasdaq listing in February. Our positive net cash flow in 2023 and Breakeven Cost (as defined below) per Bitcoin of approximately $18,200 demonstrate our industry leading operational efficiency. Our current self-mining hashrate stands at 0.9 exahash, and we have ambitious plans to expand. Our aim is to quickly reach 10 exahash, propelling us from a smaller player to a significant industry presence – all the while leading the way in financial sustainability and efficiency.”

Mr. Chang added, “Gryphon’s management team, featuring former c-suite executives from industry giants Marathon and Riot, brings industry leading experience and a proven track record of success. With such pedigreed experience, we think we are well-equipped to achieve our goals and establish ourselves as a premier player in the market. In sum, with our strong foundation, operational efficiency, and strategic expansion plans, Gryphon believes it is well-positioned to navigate the challenges of the post-halving landscape, achieve a position as an industry leader, and deliver long-term value to our shareholders.”

Financial Highlights of Fiscal Year 2023

Total mining revenue for 2023 of $21.1 million, compared to the prior year $21.4 millionin 2022.
Breakeven Cost[1] per Bitcoin in 2023 was $18,217, compared to $14,964 in 2022. The company is focused on Breakeven Costs, which we believe is the best measure of what it costs to mine bitcoin on an operating basis. Some of our peers only focus on electricity costs and leave out the other costs to mine. We believe that a focus on the Breakeven Costs to produce a bitcoin at the mine level has the potential to offer the transparency needed to compare operations on an apples-to-apples basis.
The Company recognized a net loss for the year of ($28.6) million, which includes non-cash expenses of $36.5 million. Non-cash expenses mainly consisted of depreciation, non-cash machine impairment and the non-cash notional valuation of the company’s BTC loan. This compares to net income in 2022 of $3.5 million, which was also subject to non-cash expenses, and benefited from $24.5 million in non-cash gains due to a non-cash gain on the extinguishment of debt and the non-cash notional valuation of the company’s BTC loan.
Adjusted EBITDA[2] was $4.8 million, compared to $7.4 million in the prior year.

[1] The Company defines Breakeven Cost per Bitcoin as (a) Cost of Revenues (excluding depreciation) divided by (b) total bitcoin generated and received from the hashrate contributed to the mining pool operator. The Company mined approximately 739 and 815 Bitcoin, respectively for the year ended December 31, 2023 and 2022, respectively.[2] The Company defines Adjusted EBITDA as (a) GAAP net income (loss) plus (b) adjustments to add back the impacts of (1) depreciation and amortization, (2) interest expense, (3) income tax expense (benefit) and (4) adjustments for non-cash and non-recurring items which currently include (i) stock compensation expense, (ii) impairments of miners pursuant to ASC 360, (iii) impairments of digital currency pursuant to ASC 350 (iv) realized gain from use of digital assets as it relates to the bitcoin denominated note payable and (v) gain/loss on debt extinguishment.

Balance Sheet Highlights as of December 31, 2023

Assets

Cash and cash equivalents: $915,000
Bitcoin: 67.2
Total current assets: $5.4 million
Total mining assets (including deposits & intangible assets): $13.4 million
Total assets: $18.8 million

Liabilities and Stockholders’ Equity

Current liabilities: $19.4 million
Total liabilities: $19.4 million

As of February 29, 2024, the Company had cash holdings of $1.4 million, Bitcoin holdings of approximately 60.4 Bitcoin with a fair market value of $3.7 million and 330.3 Bitcoin of Bitcoin denominated debt.

2024 Outlook

Based on an average price of Bitcoin of $70,000 and an average network hashrate of 550 exahash for 2024, we are currently projecting gross profit of approximately $16.6 millionfrom mining operations. We have posted a gross profit sensitivity analysis in our investor presentation, which can be found on slide 14 of our investor deck on our company website.

Sphere 3D Litigation

On March 25, 2024, Gryphon filed a motion with the United States District Court for the Southern District of New York seeking permission to file a motion for prejudgment attachment, seeking to secure $10 million in equity proceeds that Sphere recently received from a settlement related to Core Scientific’s bankruptcy exit. We want to ensure that the funds are available to satisfy any judgment we may receive due to Sphere’s breach of contract, where it entered into at least four hosting agreements with other providers, violating the exclusivity clause of its agreement with Gryphon. We are seeking damages amounting to at least $30 million. Over the last four months, Sphere has revealed its growing financial troubles. On November 28, 2023, in a filing in the Core Bankruptcy Action, Sphere’s counsel acknowledged that the company was operating with a $200 million net loss and that recent losses had overtaken revenue by a two-to-one margin. Sphere’s stated rationale for terminating the contract – that a malicious actor had diverted bitcoin transfers from Sphere to a third party – was not only unfounded, but was, in fact, evidence of gross negligence on the part of Sphere that allowed activities from malicious actors where Gryphon became the victim. Gryphon engaged an independent third-party security firm who confirmed that Gryphon’s systems were not compromised.

Gryphon Digital Mining Announces April Operational Update

Machine Upgrades Lead to New Company All-Time Bests in Hashing Power and Efficiency

LAS VEGAS, NV / ACCESSWIRE / May 6, 2024 / Gryphon Digital Mining, Inc. (NASDAQ:GRYP) (“Gryphon” or the “Company”), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, has released its unaudited operational update for April 2024.

Key highlights for the month:

Produced approximately 40 bitcoin
- Approximately $2.6 million in value based on an average April bitcoin price of $66,183
- Production of 1.33 BTC/day on average, or about $88,244/day
Achieved bitcoin efficiency of 43 BTC/EH
New Company record average self-mining hashing power of 914 PH/s in April
Machine upgrade program completed with the installation of Bitmain S21 200 TH/s machines
21 bitcoin in treasury as of April 30, 2024
Average machine efficiency improved to 28.7 J/T in April
Scope 1 and Scope 21 operations continue to be 100% electrified by zero-carbon emitting Hydro power

“April signified the beginning of our post go-public improvement program as we ordered and installed a batch of state-of-the-art Bitmain S21 200 TH/s machines to upgrade our mining fleet. The result of this effort was a new Company all-time high in average hashing power at 914 PH/s as well as a new Company all-time best in average mining efficiency at 28.7 J/T as our new machines are currently tracking to be 43% more efficient than the machines they replaced,” noted Rob Chang, CEO of Gryphon. “For the month, we earned bitcoin valued at approximately $2.6 million based on an average bitcoin price of $66,183, which includes record setting days when bitcoin mining transaction fees were particularly valuable.”

April’s bitcoin efficiency performance of 43 BTC/EH continues to showcase Gryphon’s commitment to running its operations at peak performance. In monthly rankings over the last twelve-months, Gryphon ranked #1 in bitcoin efficiency on six occasions. Since Gryphon commenced operations in September 2021, it has consistently placed among the top of these publicly available bitcoin efficiency scores – ranking at or tied for first in 17 of the 31 months, or about 55% of the time.

The Company held 21 bitcoin in its treasury as of the end of April as coins were sold to finance the mining fleet upgrade in a non-dilutive manner.

Conference Schedule:

Consensus 2024 by CoinDesk held in Austin, TX on May 29 th – 31 st
Mining Disrupt in Miami, FL on June 24 th – 26 th
Bitcoin 2024 held in Nashville, TN on July 25 th – 27 th
Blockchain Futurist Conference in Toronto, ON on August 13 th – 14 th

Gryphon Digital Mining Announces Stock Repurchase Program; Machine Upgrade Program Completed Ahead of Schedule

LAS VEGAS, NV / ACCESSWIRE / April 22, 2024 / Gryphon Digital Mining, Inc. (Nasdaq:GRYP) (“Gryphon” or the “Company”), a leading bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, is pleased to announce a new share buyback program, authorized by its Board of Directors (the “Board”), and the completion of its machine upgrade program ahead of schedule.

Stock Repurchase Program

This strategic move allows for the repurchase of up to $5 million of Gryphon’s common stock, underscoring its ongoing commitment to enhancing shareholder value.

“This share buyback program authorization demonstrates the Board and management team’s confidence in Gryphon’s strategy and commitment to shareholder value creation while maintaining a balanced approach to capital allocation moving forward. From our track record of ranking at the top of peer bitcoin efficiency charts throughout our operational existence and being among the lowest cost producers of bitcoin at ~$18,200per bitcoin in 2023, our dedication towards shareholder friendly decisions is relentless.” said Rob Chang, CEO, President, and Director. “The authorization of a share buyback program is a key initiative that we expect to create long-term value for shareholders. In an industry where share sales are common, Gryphon is showing that share capital management goes both ways.”

The buyback program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The program may be suspended, modified or terminated by the Company at any time and for any reason, without prior notice.

Miner Upgrades Completed Ahead of Schedule

Mr. Chang added, “We have completed our miner upgrade program ahead of schedule, which is set to significantly boost our operational efficiency. Our previously announced batch of Bitmain S21 200 TH/s miners that were ordered to replace a portion of our older fleet of machines are now deployed. This improvement is expected to add approximately 23 PH/s to our hashing power and improve our average fleet efficiency to 28.5 J/T. Gryphon’s self-mining hashrate now stands at approximately 0.94 EH/s.”

NEWS

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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.

VIEW TEAM

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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.

VIEW TEAM

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.

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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.

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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.

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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.

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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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