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Gryphon Mining 'Able to Take Advantage of Opportunities' in Sector
The miner produced 71 bitcoin in June, up from 62 in May.
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.
STORY CONTINUES BELOW
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).
Read more: Bear Market Could See Some Crypto Miners Turning to M&A for Survival
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
