Gryphon Digital Mining Announces April Operational Update

Mining power anticipated to increase by 29% in May

NEW YORK, May 5, 2022 /PRNewswire/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading bitcoin miner with expected 2.1 exahash of attributable net carbon neutral hashing power by end of 2022, announces its April 2022 operational update.

Key Highlights:

• 58 bitcoin-equivalent coins mined in April 2022 on average hashing power of 412 PH/s
• A market leader in bitcoin efficiency of 141 BTC/EH
• Expected attributable hashrate of 2.1 EH by end of 2022

Mining Operations

For the month of April, Gryphon mined approximately 58 bitcoin-equivalent coins from its self-mined operations that had an average hashing power of 412 PH/s for the month and bitcoin-equivalent generated fees from the Company's 22.5% gross profit interest from a Master Services Agreement with a third party. This translates into a market-leading bitcoin efficiency of 141 BTC/EH relative to the recent peer average of 129 BTC/EH for March 2022¹.

Month over month, the number of coins mined declined modestly by 4% from the 61 bitcoin-equivalent coins mined by the Company in March 2022 as the Bitcoin network hashrate increased by 5% month over month impacting all across the mining industry². Average hashing power by the Company increased by 3% for the month and is anticipated to grow by about 29% in May as the company has received approximately 1,200 new Bitmain S19j Pro miners that are expected to be deployed shortly. Bitcoin efficiency for April declined by 7% month over month as increased network difficulty drove down the efficiency for all miners.

"Operational execution is a key area of focus at Gryphon and we are delighted to continue to produce at a high bitcoin efficiency in April," noted CEO and Director, Rob Chang. "With an additional 1,200 machines expected to be scheduled to be placed online in the near term, we look forward to improving on our results in May."

Corporate Update

Gryphon continues to operate machines for a third party under a Master Services Agreement where it has a 22.5% gross profit interest in exchange for the management of its blockchain-related businesses. This translates into an effective interest in 1.35 EH/s of expected hashing power by the end of 2022. Combined with Gryphon's 0.72 EH/s operation, the Company expects to have total attributable hashing power of approximately 2.1 EH/s by the end of the year.

As previously disclosed, Gryphon continued to strengthen its pedigreed team as it welcomed Brian Chase as its CFO and Margaret Rosenfeld to the Company's board of directors. Brian is a Wall Street veteran that has held senior positions at Blackstone and Fortress. Margaret is currently the Chief Strategy & Legal Officer at Deltec and was a former partner at K&L Gates where she co-chaired its global Digital Assets, Blockchain & Cryptocurrency practice.

To learn more about Gryphon, please visit https://gryphondigitalmining.com/ and follow us on twitter @GryphonMining

About Gryphon Digital Mining 

Gryphon Digital Mining, Inc. is an innovative venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from globally recognized brands, Gryphon Digital is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation has a net carbon-negative footprint and the company's long-term strategy is to be the first vertically integrated crypto miner with a wholly-owned, 100 percent renewable energy supply. More information is available on https://gryphondigitalmining.com/.

MEDIA CONTACT: 
Elyse Bender-Segall 
PR Revolution (516) 901-9095 [email protected]

INVESTOR CONTACT: Name: Rob Chang 
Company: Gryphon Digital Mining 
Phone Number: (877) MINE-ESG (877) 646-3374
Email: [email protected]

¹ Bitcoin Efficiency is a measure of the number of bitcoin generated per exahash of hashing power deployed. Source: https://twitter.com/cazenove_uk/status/1513473033931038723?s=20&t=cWQHH7U7jZTmqA8C97bVOQ

² As calculated from data provided by https://www.blockchain.com/charts/hash-rate

SOURCE Gryphon Digital Mining