Gryphon Digital Mining (GRYP) Provides July Operational Update

Leadership in bitcoin efficiency and energy efficiency continues, with 24 BTC/EH and 28.6 J/T respectively

Gryphon Digital Mining, Inc. (Nasdaq: GRYP) ("Gryphon" or the "Company"), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, has released its unaudited operational update for July 2024.

Key July highlights:

• Leading Bitcoin Efficiency: Achieved bitcoin efficiency of 24 BTC/EH for the month of July, following a second-place score among publicly disclosing peers in June

• Improved Hashrate: Monthly average hashrate of 871 PH/s, an 8% increase over July 2023

• Strong Energy Efficiency: Maintained leading energy efficiency at 28.6 joules per terahash ("J/T")

• Bitcoin Production: Expect to have produced approximately 21.4 bitcoin

  • Projected approximately $1.34 million in value based on an average bitcoin price for the month of $62,805

• Sustainable Operations: Scope 1 and Scope 2[1] operations continue to be 100% electrified by zero-carbon emitting hydro power

"July showcased Gryphon's operational consistency as we have maintained robust production and efficiency levels over the past few months," noted Rob Chang, CEO of Gryphon. "We are particularly proud of maintaining our energy efficiency level, which recently set a company record, and our bitcoin efficiency scores, which last month ranked second amongst our peers. We believe this sets a strong base as Gryphon transitions into its growth phase."

"Gryphon's bitcoin efficiency performance of 24 BTC/EH in July underscores our commitment to operational excellence. In June, Gryphon's score of 25 BTC/EH ranked second among 16 publicly disclosing peers, who averaged 22 BTC/EH. Since commencing operations in September 2021, Gryphon has ranked in the top quartile 76% of the time.

"We expect to have earned bitcoin valued at approximately $1.34 million for the month of July, based on an average bitcoin price of $62,805. This includes the production of approximately 21.4 bitcoin in the month," continued Mr. Chang.

The Company held approximately 21 bitcoin in its treasury as of the end of July.

Growth Update:

The Company remains committed to exploring various growth avenues with its focus on securing low-cost power, as it believes that the key to long term viability in the bitcoin mining and high-performance computing space will be in the acquisition of competitively priced electricity.

To date, the Company has examined over 25 different opportunities, conducting substantial due diligence, including legal assessments and site inspections. The Company is enthusiastic about the potential ahead and is eager to proceed with opportunities that align with its rigorous selection criteria, prioritizing accretive growth, and significant impact.

Conference Schedule:

• Blockchain Futurist Conference in Toronto, ON on August 13^th - 14^th

• H.C. Wainwright 26th Annual Global Investment Conference in New York, NY on September 9^th - 11^th

• Pacific Bitcoin Festival in Los Angeles, CA on October 18^th - 19^th

• LD Micro Main Event XVII in Los Angeles, CA on October 28^th - 30^th

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