Gryphon Digital Mining (GRYP) Issues February Operational Update

Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has released its unaudited operational update for February 2024.

Key highlights for the month:

• Produced approximately 52 bitcoin comprised of 45 BTC from self-mining operations and 7 BTC from its bitcoin mining royalty
  • Approximately $2.6 million in value based on an average February bitcoin price of $49,875
• Achieved bitcoin efficiency of 57 BTC/EH[1]
• Company record average self-mining hashing power of 911 PH/s
• Total attributable hashing power of about ~1.3 EH/s

During February, Gryphon earned approximately 52 bitcoin coins while posting a Company record average self-mining hashing power of 911 PH/s and total attributable hashing power of approximately 1.3 EH/s. The month's performance translated into a bitcoin efficiency rating of 57 BTC/EH.

"February was a strong month for Gryphon as we achieved all-time highs in our self-mining hashing power while earning bitcoin valued at $2.6 million based on an average BTC price of $49,875 during the month," remarked Rob Chang, the CEO of Gryphon. "With Bitcoin prices now over $60,000 in March, we look forward to enhanced returns as we continue working on our market-leading bitcoin efficiency."

February's bitcoin efficiency performance of 57 BTC/EH follows January's 67 BTC/EH performance that ranked first among publicly disclosing peers, which averaged 55 BTC/EH for the month. In the last twelve-month rolling period, Gryphon's bitcoin efficiency ranked at or tied for first in 9 out of the 12 months, averaging 82 BTC/EH vs a peer rolling average of 68 BTC/EH. Since Gryphon commenced operations in September 2021, it has consistently placed among the top three of these publicly available bitcoin efficiency scores - ranking at or tied for first in 19 of the 29 months, or two-thirds of the time.

Gryphon's average self-mining hashing power increased to an all time high of 911 PH/s in February. Increasing month over month by 5% as newer generation S19k Pros had a full month of operation. Total attributable hashing power remained at 1.3 EH/s. The average joules per terahash of Gryphon's deployed fleet of miners averaged 28.9 J/T, which improved from the 29.5 J/T average observed in February 2023.

Halvening Plans

With our recent Nasdaq listing, we continue to look towards aggressively expanding through M&A opportunities and purchases of the latest generation mining equipment. With the halvening expected in April 2024, our strategy is to maintain our focus towards staying on the lower end of the mining operation cost curve, continuing to be among the most operationally efficient miners, and remaining among the most efficient[2] in deploying the capital we receive.

Conference Schedule:

• Roth 36th Annual Conference held in Dana Point, CA March 17^th - 19^th
• Empower Conference held in Houston, TX on March 26^th - 27^th
• "The Next Frontier: Bitcoin Mining in a Post-Halving Era" Conference hosted by Maxim Group held virtually on April 3^rd
• LD Micro Invitational XIV held in New York, NY on April 8^th - 9^th
• Bitcoin 2024 held in Nashville, TN on July 25^th - 27^th

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