Gryphon Digital Mining Announces May Operational Update

Record monthly production with top tier mining efficiency

LAS VEGAS, June 9, 2022 /PRNewswire/ -- Gryphon Digital Mining, Inc. ("Gryphon," "Gryphon Mining," or the "Company"), a leading net carbon neutral bitcoin miner announces its May operational update.

Key Highlights:

• Record setting production of approximately 61 bitcoin-equivalent coins mined in May 2022
• Top tier bitcoin efficiency of 132 BTC/EH for May 2022
• Average hashing power of 468 PH/s for the month of May

Mining Operations

For the month of May, Gryphon mined approximately 61 bitcoin-equivalent coins from its self-mining operations on average hashing power of 468 PH/s for the month combined with its bitcoin-equivalent generated fees from the Company's 22.5% net operating profit interest from a Master Services Agreement with a third party. This translates into top-tier bitcoin efficiency of 132 BTC/EH relative to the recent peer average of 121 BTC/EH for April 2022[1].

Month over month, the number of coins mined increased by approximately 10% from the 56 bitcoin-equivalent coins mined by the Company in April 2022 as additional machines were placed online. Average hashing power by the Company increased by 14% for the month and is expected to continue to grow as additional shipments from Bitmain are received and deployed. Gryphon's bitcoin efficiency for May declined by 3% month over month as a 5% monthly increase in total global network hashrate drove down efficiency for all miners[2].

"We are delighted to report a record setting month of production at Gryphon while remaining a market leader in bitcoin efficiency," noted CEO and Director, Rob Chang. "As the industry matures, operational execution will be a key area of focus for analysts and this remains a key area of focus for our team".

Corporate Update

Gryphon is pleased to announce that it has secured approximately $28 million in non-dilutive, low-cost debt. The Company is using a portion of the proceeds to retire higher cost convertible notes with the balance to be used to fund strategic initiatives that it may explore as a result of the current bitcoin price environment.

Gryphon continues to operate machines for a third party under a Master Services Agreement pursuant to which it has a 22.5% net operating profit interest in exchange for the management of the third party's blockchain-related businesses.  The Company expects this to translate into an effective interest of up to 1.35 EH/s of hashing power by the end of 2022. Combined with Gryphon's expected 0.72 EH/s self-mining operation by the end of 2022, the Company expects to have total attributable hashing power of up to 2.1 EH/s by the end of the year.

To learn more about Gryphon, please visit https://gryphondigitalmining.com/ and follow us on twitter @GryphonMining

Gryphon Digital Mining, Inc. is an innovative venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from globally recognized brands, Gryphon Digital is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation has a net carbon-negative strategy. More information is available on https://gryphondigitalmining.com/.

MEDIA CONTACT:  Elyse Bender-Segall PR Revolution  (516) 901-9095 [email protected]

INVESTOR CONTACT:  Name: Rob Chang  Company: Gryphon Digital Mining Phone Number: (877) MINE-ESG (877) 646-3374 Email: [email protected]

[1] Bitcoin Efficiency is a measure of the number of bitcoin generated per exahash of hashing power deployed. Source: https://twitter.com/cazenove_uk/status/1530292108103409664?s=20&t=1lzPWvvuVe2AAp_5bTtztQ

[2] Source: https://www.blockchain.com/charts/hash-rate

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SOURCE Gryphon Digital Mining