Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has taken a giant step in decreasing its energy prices by buying Bitcoin mining operations in Louisiana that leverage extremely low-cost electrical energy at roughly $0.01 per kilowatt hour (kWh). 

This $1.5 million acquisition, which incorporates as much as 2.9 megawatts (MW) of operational capability and 59 PH/s of Bitcoin mining gear, comes absolutely geared up with belongings, together with fuel energy mills and containers, and is anticipated to generate about $1 million in annual income, in keeping with the announcement.

“We imagine that this acquisition of extremely low-cost energy is our first step alongside an recognized path of over 500 MW of comparable low-cost energy technology alternatives,” stated Gryphon CEO Rob Chang. “The present put up halving world is requiring bitcoin miners to safe low-cost energy as a way to thrive in an rising world hashrate surroundings. With the acquisition of this ~1 cent energy asset and future energy technology belongings with related prices, we imagine Gryphon will improve its place as a number one low-cost operator with a aggressive benefit in a key price facet of the bitcoin mining enterprise.”

Gryphon bolstered that it’s dedicated to lowering carbon emissions by using flare fuel in its operations. Flare fuel, a byproduct of oil extraction that’s usually burned off and launched into the ambiance, is repurposed by Gryphon as an power supply for Bitcoin mining. By changing this in any other case wasted fuel into productive power, Gryphon not solely powers its mining operations but additionally mitigates environmental influence by decreasing the carbon emissions that will have been generated by way of flaring.

“We’re notably excited in regards to the alternatives extremely low-cost energy can afford us,” additional said Chang. “We count on that low-cost energy will permit for the potential for larger margins utilizing state-of-the-art mining gear or enabling return on funding on cheaper machines that aren’t economically viable at larger price operations. Different prospects embody internet hosting providers or offering excessive efficiency computing operations.”