Gryphon Digital Mining (“Gryphon”), a publicly traded Bitcoin mining company, currently mines Bitcoin with 100% renewable energy, according to a third-party audit released by the company.
Gryphon took a bold step. #ESG Demonstrate leadership by publishing #carbon emissions Make your data public. Insights into 100% renewable status can be found here: https://t.co/1DV7bCYIp1 $grip #Gryphon Digital pic.twitter.com/69jT2nCjWw
— Gryphon Digital Mining (@GryphonMining) March 26, 2024
Gryphon Digital Mining tracks its carbon footprint using CarbonChain, an organization that monitors corporate carbon emissions. CarbonChain’s recent report on Gryphon states that under Scope 1 and 2 of the report, the company will use 100% renewable energy for Bitcoin mining as of 2024 and 98% renewable energy by 2023.
“We are 100% renewable and we are showing exactly how that is calculated,” Gryphon Digital Mining CEO Rob Chang told Bitcoin Magazine.
“And we’re not the ones calculating it. “This is done by a respected third party,” he added.
“The industry needs varying levels of transparency, but the fact that reporting is not uniform can and should be fixed. We are willing to lead the way.”
Gryphon currently conducts all mining through a hosting agreement with Coinmint at a facility located in upstate New York that utilizes 100% hydroelectric power. While Bitcoin mining operations have caused electricity prices to skyrocket in some cities in upstate New York, Gryphon’s work is having the opposite effect.
“Our location is in an economic opportunity zone, so there isn’t a lot of demand (for power) competing with us,” Chang told Bitcoin Magazine.
“In fact, the presence of Bitcoin mining is providing economical power deployment to the region because it is a reliable power consumer that can economically supply more power to the region,” he added.
Gryphon is looking to expand into other jurisdictions that have supportive regulations for Bitcoin mining and offer favorable economics for mining and renewable energy to power the facilities.
“As long as it’s economical and carbon neutral, we’re there,” Chang said.
For more information about Gryphon, please visit the company website.