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

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

AccessTimeIconJul 11, 2022 at 4:28 p.m. UTC
Updated May 11, 2023 at 5:40 p.m. UTC

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).


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

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

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.