Gryphon Mining ‘Able to Take Advantage of Opportunities’ in Sector

Clear energy-focused bitcoin miner Gryphon Digital touted its operational effectivity and steadiness sheet flexibility in its June replace.

“With the latest decline within the value of bitcoin (BTC), now we have noticed some corporations within the house displaying indicators of misery as optimistic and over-aggressive plans turn into challenged,” Gryphon mentioned in an announcement Monday.

Paying attention to its “low-cost, money move constructive operations” and simply $28 million in secured debt, the corporate mentioned it is “positioned itself to have the ability to benefit from alternatives.”

Gryphon additional famous {that a} lately obtained mortgage was each borrowed and payable in bitcoin, eradicating any dollar-denominated value threat.

The corporate mentioned it mined 71 bitcoin in June, up about 15% from 62 the earlier month. June’s efficiency, mentioned Gryphon, translated right into a bitcoin effectivity score of 129 bitcoin per exahash (BTC/EH) versus the trade common (for individuals who make these figures public) of 107 BTC/EH.

In April, the corporate and Sphere 3D Corp. terminated a deal for Gryphon to go public through a SPAC.

Learn extra: Bear Market Might See Some Crypto Miners Turning to M&A for Survival

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