Gryphon Digital Mining buys 7,000 crypto mining rigs worth $48 million

Gryphon Digital Mining, a bitcoin mining company in the making, has announced it has spent $48 million to purchase 7,200 Antminer S19J Pro bitcoin mining rigs from Bitmain Technologies.

Irene Gao, Antminer Sales Director of North, Central and South American regions at Bitmain, said, “We are happy to provide Gryphon with Bitmain’s latest next-gen miners. We are confident that Gryphon will continue to expand their business and provide reliable low-cost mining.

The Bitmain official also added that they are looking forward to their continued cooperation with the crypto mining company in the future as they expand their operations.

Terms of the agreement

The agreement between the two companies states that Bitmain will deliver 600 miners every month to the mining company, the first batch of which is set to be delivered in August 2021.

Moreover, both parties have agreed that the machines that are to be delivered are the latest model from Bitmain, scheduled to be released this summer.

The companies also said that the rig features a maximum hash rate of 100 Terahashes per second (TH/s) and an energy efficiency ratio of 29.5 joules per TH. They are expected to last for around five years of continuous operation.

Bright future ahead for Gryphon

Receiving and deploying all 7,200 machines will mean a total of 720,000 TH/s or 0.72 Exahashes per second for Gryphon.

Moreover, if the deal becomes successful, the digital mining company will position itself among the 15 largest bitcoin miners worldwide, with its 0.72 EH/s hashrate making it the 13th biggest bitcoin miner, surpassing EMDCPool which currently carries a rate of 0.7 EH.

Gryphon’s purchase becomes the latest in space. Last week, Hut 8 Mining Corporation announced its acquisition of 11,000 mining rigs for around $44 million. TeraWulf, on the other hand, ordered 30,000 machines from Bitmain.

 

Image courtesy of Cointelegraph News/YouTube

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