Publicly traded bitcoin mining company Gryphon Digital Mining (“Gryphon”) currently mines bitcoin using 100% renewable energy, according to a third-party audit announced by the company.
Griffon makes a bold move #ESG Leadership through deployment #Carbon emissions Data is made public. Insight into the state of 100% renewable energy is available here: https://t.co/1DV7bCYIp1 $ fist #GryphonDigital pic.twitter.com/69jT2nCjWw
— Gryphon Digital Mining (@GryphonMining) March 26, 2024
Gryphon Digital Mining uses CarbonChain, an organization that monitors companies' carbon emissions, to track its carbon footprint. CarbonChain's latest report on Gryphon shows that the company has used 100% renewable energy to mine Bitcoin so far in 2024 and 98% renewable energy in 2023, according to Scope 1 and 2 of the report.
“We are 100% renewable, and we show you exactly how to calculate it,” Rob Chang, CEO of Gryphon Digital Mining, told Bitcoin Magazine.
“And we're not even the ones calculating that,” he added. “It's a respected third party doing it.”
“There are different levels of transparency that the industry needs, but the fact that reporting is not standardized can and must be fixed – and we are happy to lead the way.”
Gryphon currently conducts all of its mining operations 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 cities, Gryphon's operation is having the opposite effect.
“Our location is in an economic opportunity zone, so, if anything, there's not a lot of demand [for power] “The competition is against us,” Chang told Bitcoin Magazine.
He added: “In fact, the presence of Bitcoin mining provides the spread of economic power to the region, because it is actually a stable energy consumer which allows more energy to be delivered economically to the region.”
Gryphon is looking to expand its operations to other jurisdictions that have supportive regulations around Bitcoin mining and that provide favorable economics for mining as well as renewable energy to power its facilities.
“If it's economical and carbon neutral, we're there,” Chang said.
For more information about Gryphon, please visit the company's website.
