According to a release, Gryphon Digital Mining has actually raised $14 million in a Series A fundraise for the launch of a zero-carbon footprint Bitcoin mining operation.
” At Gryphon, our long-lasting technique is to be the very first vertically incorporated crypto miner with a wholly-owned, 100 percent renewable resource supply,” stated Rob Chang, CEO of Gryphon Digital Mining, per the release. “Our vision is to additional establish and utilize financially feasible, eco-friendly, off-grid energy.”
The statement kept in mind that institutional financiers comprised more than 30 percent of the Series A and it closed in a little over 2 weeks. It likewise kept in mind that Gryphon has actually partnered with an information center that approves it access to electrical energy expenses as low as $0.013 per kilowatt hour (kWH). At launch, it anticipates its mining operation to have 730 petahashes per second (PH/s) of processing power which it believes can grow to more than 2,000 pH/s by the end of the year.
The release did not information the particular energy sources that Gryphon anticipates to utilize, however it did place the company as one that sees chance in sustaining the practice through green energy.
” Gryphon has the chance to end up being a market leader by offering reputable, low-priced mining while depending on renewable resource to reduce Bitcoin mining’s carbon footprint,” according to the release.
While there is a common belief that bitcoin mining is a waste of energy that unduly adds to problems like environment modification, tasks like this are showing that Bitcoin mining can in fact incentivize and drive usage of renewable resource sources.