Gryphon Raises $14 Million To Drive Sustainable Bitcoin Mining

Before the digital asset boom, very few crypto enthusiasts thought about Bitcoin mining and the inefficiencies it presents to the environment. Countries in different parts of the world are adopting tactics to reduce carbon emissions and crypto mining can adopt similar tactics. Based on the current BTC mining infrastructure, renewable energy could be the perfect tool to drive mass adoption globally. 

Gryphon Digital Mining’s Bitcoin Initiative

In a world where technological innovations are dynamic and ever-changing, it is important to be strategically positioned. In doing so, companies can put themselves in a position to adopt or align with the relevant emerging technologies.

In a recent development, Gryphon Digital announced that the company raised about $14 million for a Bitcoin mining project. This project will fuel Bitcoin mining from a different angle, where there will be zero carbon emissions. According to the company, more than 30% of the Series A funding was facilitated by institutional investors.

Gryphon intends to have one of the world’s most successful crypto miners that will run solely on renewable energy. This is an innovative way to reduce carbon emissions while optimizing the rate at which Bitcoin is mined.

Despite Bitcoin experiencing fragmentation, total revenue generated is looking to surpass $16 billion. The fragmented state of Bitcoin has made it difficult for many companies to enter the mining space. This is why BTC mining is still dominated by large players such as Bitmain and Canaan Creative.

Gryphon is strategically positioning itself as the company that will provide low-cost, reliable bitcoin mining. Furthermore, the company wants to contribute to a cleaner environment by adopting 100% renewable energy for its operations.

Gryphon Chair, Brittany Kaiser, told CoinDesk:

“Some other companies in the industry right now use renewables, but no other company is committed to 100% renewable energy. We’re excited about that, especially considering the backlash the industry has received lately.”

The Technology

Gryphon has gone into partnership with another company to get access to renewable energy that costs about $0.013/kWh. This power system involves a liquid immersion tech that will add longevity to the mining machines. It is expected to have a processing power of 730 PH/S when it launches, which achieves up to 2,000 PH/S. Furthermore, Gryphon has connections with mining tech manufacturers and suppliers that should equip Gryphon with the latest technology in mining.

The environment is ours to protect and we have the responsibility to ensure that it is protected. There is a rise in carbon emissions; to avoid natural disasters, measures need to be put in place. For instance, some countries have begun to phase out combustion engines in place of electric vehicles.

Bitcoin mining companies use up a lot of energy, contributing immensely to the carbon footprints. Gryphon is a pure example that we can mine cryptocurrency and still ensure that the environment is clean. While we want financial freedom, it is also important to ensure that the environment is healthy.

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