Gryphon Digital Mining has taken a significant step toward cementing its position as a low-cost operator by acquiring a Bitcoin mining operation powered by flare gas in Louisiana.

The deal, valued at $1.5 million, involves up to 2.9 megawatts (MW) of operational capacity and includes 59 petahash per second (PH/s) of Bitcoin mining equipment​.

The acquisition is part of Gryphon’s strategy to secure ultra-low-cost electricity at approximately $0.01 per kilowatt hour (kWh). This approach is expected to generate around $1 million in annual revenue, allowing Gryphon to enhance its competitive edge in the increasingly challenging Bitcoin mining landscape.

$GRYP @GryphonMining acquires Lousiana facility with energy cost approx. 1c/kWh 👀
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"Gryphon is excited to announce that it has entered into an agreement to acquire up to 2.9 MW of bitcoin mining operations powered by ultra low-cost electricity in the $0.01/kWh range.

The… pic.twitter.com/RfENj9F5HW

— D.R. Lewis ⚡ (@Charge_Stack) August 20, 2024

In addition to financial gains, Gryphon is contributing to environmental sustainability by utilizing flare gas—a byproduct of oil extraction that is typically burned off.

By repurposing this gas for energy, Gryphon not only reduces carbon emissions but also turns a waste product into a productive resource for its mining operations.

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