Publicly-traded bitcoin mining company Gryphon Digital Mining (“Gryphon”) is currently mining bitcoin with 100% renewable energy, according to a third-party audit the company has made public.
Gryphon is taking a bold step in #ESG leadership by publishing its #carbonemissions data publicly. Insight into our 100% renewable status is available here: https://t.co/1DV7bCYIp1 $GRYP #GryphonDigital pic.twitter.com/69jT2nCjWw
— Gryphon Digital Mining (@GryphonMining) March 26, 2024
Gryphon Digital Mining uses CarbonChain, an organization that monitors corporate carbon emissions, to track its carbon footprint. CarbonChain’s recent report 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.
“We’re 100% renewable, and we’re showing you exactly how it’s calculated,” Gryphon Digital Mining CEO Rob Chang told Bitcoin Magazine.
“And we’re not even the ones calculating it. It’s a respected third party doing it,” he added.
“There 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 — and we’re happy to lead the way.”
Gryphon currently conducts all of its mining through a hosting contract with Coinmint 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 in some upstate New York towns, Gryphon’s operation is having the opposite effect.
“Our location is in an economic Opportunity Zone, so, if anything, there isn’t much demand [for power] competing against us,” Chang told Bitcoin Magazine.
“In 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,” he added.
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.
“If it’s economic and carbon neutral, we’re there,” said Chang.
For more information on Gryphon, please visit the company’s website.