Gryphon Digital secures $14 million for 100% renewable energy bitcoin mining

Gryphon Digital Mining, a U.S. Bitcoin mining venture, raised $14 million to showcase what it claims to be a renewable energy-driven Bitcoin mining operation in the U.S.

In the late summer of 2020, Gryphon funded a 100% renewable energy mining venture and is coming out in public at a time when Bitcoin mining is heavily hounded by the issue of its energy consumption.

Speaking at CoinDesk, Gryphon chairperson Brittany Kaiser said that because of the backlash that the industry has received lately, they are very much excited to showcase their commitment to using 100% renewable energy for their operations.

Gryphon Digital Mining Commitment

Chief executive officer and co-founder Rob Chang have also assured their company will refrain from using fossil fuels in moving forward with their digital mining. This meant that they would use either hydro, nuclear solar, or wind energy to facilitate their Bitcoin mining operations. Chang said he believes that they are the first to do this.

As for the details, Gryphon’s 730 petahashes worth of miners are already set up and expected to launch in the coming means. They are aiming to scale this up to at least two or up to 5 exahashes by 2022 by importing new ASIC shipments.

Company officials are being stealthy about where they will host the machines, but a press release from them revealed that they could access electricity costs for as low as $0.013/kWh.

U.S. Bitcoin Mining Rush

Both old and new ventures in the U.S. are feeling the “gold rush” in Bitcoin mining, ramping up their operations to ride the flow of surge in Bitcoin prices. As a matter of fact, many are investing in bulk purchases of ASICs or expanding their data centers.

On this note, Gryphon’s founder said that their renewable-only model is a very good selling point, especially that the issue of energy usage in digital mining is becoming more important in the minds of investors.

As it would seem, at the very least, the company has found a way to revert scrutinizing eyes away from them to have their mining unquestioned.

 

Image courtesy of Karolina Grabowska/Pexels

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