Gryphon Digital Mining Raises $14M USD To Launch Bitcoin Mining Operation With Zero Carbon Footprint
Gryphon Digital Mining has raised $14 million in a Series A funding round. Institutional investors accounted for over thirty percent of the round, which closed in just over two weeks, significantly oversubscribed.
Led by CEO and Director Rob Chang along with Founder & President Dan Tolhurst, Gryphon Digital Mining is a bitcoin mining operation with zero carbon footprint. Gryphon provides low-cost hydro-electric powered mining with plans to expand to other renewables such as nuclear, wind, and solar power to lower mining’s impact on the environment.
According to the company, it has adopted a hosting structure model that minimizes capital investment and financial risk. It has partnered with one of the largest digital currency data centers in the world to access electricity costs as low as $0.013/kWh, with access to liquid immersion technology shown to extend the life of mining machines by at least 20 percent. At launch, it will have 730 PH/S of processing power, with a clear roadmap to reaching 2,000 PH/S+ by the end of 2021. Gryphon also has strong relationships with equipment manufacturers and suppliers, which provides access to the latest mining technology.
“At Gryphon, our long-term strategy is to be the first vertically integrated crypto miner with a wholly-owned, 100 percent renewable energy supply. We’re grateful for the support of our Series A investors in achieving this mission,” said Chang. “Our vision is to further develop and use economically viable, renewable, off-grid energy.”