Gryphon Mining 'Able to Take Advantage of Opportunities' in Sector

The miner produced 71 bitcoin in June, up from 62 in May.

By Michael Bellusci

Jul 11, 2022 at 4:28 p.m. UTC

Updated Jul 11, 2022 at 4:33 p.m. UTC

Mining, Bitcoin miners, fans (Michal Bednarek/Shutterstock) — Michal Bednarek/Shutterstock)

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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Clean energy-focused bitcoin (BTC) miner Gryphon Digital touted its operational efficiency and balance sheet flexibility in its June update.

“With the recent decline in the price of bitcoin, we have observed some companies in the space showing signs of distress as optimistic and over-aggressive plans become challenged,” Gryphon said in a statement Monday.

Taking note of its “low-cost, cash flow positive operations" and just $28 million in secured debt, the company said it has "positioned itself to be able to take advantage of opportunities."

Gryphon further noted that a recently obtained loan was both borrowed and payable in bitcoin, removing any dollar-denominated price risk.

The company said it mined 71 bitcoin in June, up about 15% from 62 the previous month. June's performance, said Gryphon, translated into a bitcoin efficiency rating of 129 bitcoin per exahash (BTC/EH) versus the industry average (for those who make these figures public) of 107 BTC/EH.

In April, the company and Sphere 3D Corp. terminated a deal for Gryphon to go public via a special purpose acquisition company (SPAC).

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