Gryphon Digital Mining, Inc. Reports Second Quarter 2024 Financial Results

Las Vegas, NV / ACCESSWIRE / August 14, 2024 – Gryphon Digital Mining, Inc. (Nasdaq: GRYP), a bitcoin mining company independently certified to be 100% renewable, announced its financial results for Q2 2024 ending June 30.

Rob Chang, CEO of Gryphon, highlighted new records in hashrate and energy efficiency achieved in Q2. The company's hashrate reached 899 PH/s, a 20% increase from Q2 2023, while energy efficiency hit 28.5 joules per terahash in June 2024. The breakeven cost per bitcoin was approximately $45,452.

Total mining revenue for Q2 2024 was $5.5 million, up from $4.9 million in Q2 2023. The company recognized a net loss of $4.0 million, which includes $2.5 million in net non-cash expenses. Adjusted EBITDA was a loss of $3.0 million, attributed to high marketing expenses related to a recent merger and Nasdaq listing.

Gryphon completed miner upgrades ahead of schedule, boosting its hashing power by 23 PH/s and improving fleet efficiency. The company mined 84 bitcoins in Q2 2024, compared to 187 in Q2 2023. Gryphon has also authorized a stock repurchase program of up to $5 million and qualified for inclusion in the Russell Microcap Index.