Gryphon Digital Mining (GRYP), a digital assets mining firm, has announced a record-high hashing power and the production of $3.1 million in bitcoin in its March 2024 operational update. According to CEO Rob Chang, the company achieved an all-time high in hashing power and earned bitcoin valued at $3.1 million based on an average bitcoin price of $67,509 during the month.
In addition to the record hashing power, Gryphon also reported a bitcoin mining efficiency of 49 BTC per exahash (BTC/EH) and the procurement of new mining machines. The company has purchased a batch of Bitman S21 200 TH/s miners to replace a portion of its older fleet of machines, which is expected to add approximately 23 PH/s to its hashing power and reduce its average fleet efficiency to 28.5 J/T. The new machines are expected to be deployed within the next few weeks.
The announcement comes as Gryphon and the rest of the bitcoin mining space prepare for a subsidy halving event in late April, which will dramatically reduce the newly-issued bitcoin they receive and, therefore, their overall profits. The company’s hardware investment and newfound efficiency will likely play a crucial role in its continued success amidst the upcoming changes.
The record-high hashing power and production of $3.1 million in bitcoin demonstrate Gryphon’s commitment to optimizing its operations and maximizing its profitability. As the company continues to invest in new technology and optimize its operations, it is well-positioned to navigate the challenges of the rapidly evolving cryptocurrency market.
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Source: Crypto Mining News - Bing
