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Publicly-traded bitcoin mining company Gryphon Digital Mining (\u201cGryphon\u201d) is currently mining bitcoin with 100% renewable energy, according to a third-party audit the company has made public.<\/p>\n
\nGryphon is taking a bold step in #ESG<\/a> leadership by publishing its #carbonemissions<\/a> data publicly. Insight into our 100% renewable status is available here: https:\/\/t.co\/1DV7bCYIp1<\/a> $GRYP<\/a> #GryphonDigital<\/a> pic.twitter.com\/69jT2nCjWw<\/a><\/p>\n
— Gryphon Digital Mining (@GryphonMining) March 26, 2024<\/a><\/p><\/blockquote>\n
Gryphon Digital Mining<\/a> uses CarbonChain<\/a>, an organization that monitors corporate carbon emissions, to track its carbon footprint. CarbonChain\u2019s recent report<\/a> on Gryphon shows that the company has used 100% renewable energy to mine bitcoin thus far in 2024 and 98% renewable energy in 2023, as per Scope 1 and 2 of the report.<\/p>\n
\u201cWe\u2019re 100% renewable, and we\u2019re showing you exactly how it\u2019s calculated,\u201d Gryphon Digital Mining CEO Rob Chang told Bitcoin Magazine.<\/p>\n
\u201cAnd we\u2019re not even the ones calculating it. It\u2019s a respected third party doing it,\u201d he added.<\/p>\n
\u201cThere 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 \u2014 and we\u2019re happy to lead the way.\u201d<\/p>\n
Gryphon currently conducts all of its mining through a hosting contract with Coinmint<\/a> at a facility located in upstate New York that harnesses 100% hydroelectric power for its operations. While bitcoin mining operations have caused electricity prices to spike<\/a> in some upstate New York towns, Gryphon\u2019s operation is having the opposite effect.<\/p>\n
\u201cOur location is in an economic Opportunity Zone<\/a>, so, if anything, there isn\u2019t much demand [for power] competing against us,\u201d Chang told Bitcoin Magazine.<\/p>\n
\u201cIn 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,\u201d he added.<\/p>\n
Gryphon is looking to expand its operations into other jurisdictions that have supportive regulations around bitcoin mining and that offer favorable economics for mining as well as renewable energy to power its facilities.<\/p>\n
\u201cIf it\u2019s economic and carbon neutral, we\u2019re there,\u201d said Chang.<\/p>\n
For more information on Gryphon, please visit the company\u2019s website<\/a>.<\/p>\n