Market Response: Gryphon (GRYP) Climbs On Latest Update

Currently, Gryphon Digital Mining, Inc. (NASDAQ: GRYP) is experiencing strong upward momentum, with its stock up 24.66% from its previous close to $2.12 following the release of an operational update from the company, detailing the company’s activities in February 2024.

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During February, Gryphon produced approximately 52 bitcoins, with 45 BTC generated from self-mining operations and 7 BTC from its bitcoin mining royalty. This resulted in a value of approximately $2.6 million based on an average Bitcoin price of $49,875 for the month. With Bitcoin prices surpassing $60,000 in March, Gryphon anticipates enhanced returns as it continues to prioritize market-leading bitcoin efficiency.

Gryphon’s performance in bitcoin efficiency remains impressive, with a score of 57 BTC/EH for February, following January’s leading performance of 67 BTC/EH. Over the past twelve months, Gryphon has consistently ranked at or tied for first place in bitcoin efficiency, averaging 82 BTC/EH compared to a peer average of 68 BTC/EH.

Since its inception in September 2021, Gryphon has consistently ranked among the top three in publicly available bitcoin efficiency scores, securing the top spot in 19 out of 29 months. The company’s average self-mining hashing power surged to a record high of 911 PH/s in February, marking a 5% increase from the previous month.

This growth can be attributed to the full month of operation of newer generation S19k Pros. Meanwhile, Gryphon maintained its total attributable hashing power at 1.3 EH/s and improved the energy efficiency of its deployed miners to an average of 28.9 J/T, down from 29.5 J/T in February 2023.

With its recent listing on Nasdaq, Gryphon remains focused on aggressive expansion through M&A opportunities and the acquisition of cutting-edge mining equipment. As the halvening event approaches in April 2024, Gryphon’s strategy revolves around maintaining operational efficiency, minimizing costs, and maximizing the deployment of received capital.

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