Bitcoin (BTC)


Publicly-traded bitcoin mining business Gryphon Digital Mining (“Gryphon”) is presently mining bitcoin with 100% renewable resource, according to a third-party audit the business has actually revealed.

Gryphon Digital Mining utilizes CarbonChain, a company that keeps track of business carbon emissions, to track its carbon footprint. CarbonChain’s current report on Gryphon reveals that the business has actually utilized 100% renewable resource to mine bitcoin so far in 2024 and 98% renewable resource in 2023, according to Scope 1 and 2 of the report.

“We’re 100% renewable, and we’re showing you exactly how it’s calculated,” Gryphon Digital Mining CEO Rob Chang informed Bitcoin Magazine.

“And we’re not even the ones calculating it. It’s a respected third party doing it,” he included.

“There are various levels of transparency that the industry needs, but the fact that the reporting is not uniform can be fixed and should be fixed — and we’re happy to lead the way.”

Gryphon presently carries out all of its mining through a hosting agreement with Coinmint at a center situated in upstate New York that utilizes 100% hydroelectric power for its operations. While bitcoin mining operations have actually triggered electrical power rates to surge in some upstate New York towns, Gryphon’s operation is having the opposite result.

“Our location is in an economic Opportunity Zone, so, if anything, there isn’t much demand [for power] competing against us,” Chang informed Bitcoin Magazine.

“In fact, the existence of bitcoin mining is providing economic power deployment for the region, because it is actually a stable consumer of power that allows the economic delivery of more power to the area,” he included.

Gryphon is seeking to broaden its operations into other jurisdictions that have encouraging policies around bitcoin mining which deal beneficial economics for mining in addition to renewable resource to power its centers.

“If it’s economic and carbon neutral, we’re there,” stated Chang.

For more details on Gryphon, please go to the business’s site.

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