Gryphon is a US-based Bitcoin miner. It has recently distributed about $48 million to buy the latest Bitcoin mining hardware set from Bitmain for release this summer. The mining company, Gryphon Digital Mining, signed a purchase agreement with Bitmain, the Bitcoin mining equipment maker. It purchased 7,200 Antiminer S19J Pro mining rigs from Bitmain.
According to the information received from the company on Thursday, the total amount of investment in the mining inventory is about $48 million. As claimed by Bitmain, it will be sending 600 mining rigs to Gryphon every month starting from August 2021. It is a part of the deal. The Antiminer S19J Pro was released on the market this summer. It is the latest mining hardware set from Bitmain. Every rig provides 100 terahashes per second (TH/s) hash rate capacity. It also provides a great energy-efficient ratio of 29.5 joules per terahash. Gryphon is getting 7,200 such mining rigs, its hashing power will increase by 720 petahash per second (PH/s).
According to data from BTC.com, achieving such a huge hashing capacity of 720 PH/s — or 0.72 exahashes per second, Gryphon will fall under the category of top 15 Bitcoin miners by hash rate distribution. This can prove to be the greatest accomplishment for the American Bitcoin miner. It has started to embark upon its journey to achieve 100% renewable energy-based operations in the company.
Brittany Kaiser is the chair of the board of directors at Gryphon. She said in June that the source of the company’s electricity was 100% renewable. She also disclosed that the company will be receiving its ECG (Environmental, Social, and Governance) rating after the launch of its mining hardware later in August. Energy consumption is a great issue nowadays because of crypto mining. This is the reason why it has been under constant examination over the last few months. Moreover, at the beginning of July, the Bitcoin Mining Council also estimated that the entire bitcoin mining industry around the world is running on almost 56% renewable energy supply.
The crypto mining energy consumption data records bring positive news. Cambridge Bitcoin Electricity Consumption Index shows that the energy consumption from BTC’s is almost 60% down as compared to when recorded in May. Such a drastic decrease in energy consumption is mostly because of the Chinese miners going offline. It is also because of the removal of their mining rigs following a sweeping crackdown from the Chinese authorities. A lot of establishments were asked to relocate their hardware somewhere else overseas.