Gryphon Digital Mining Completes Machine Upgrade Program Ahead of Schedule and Declares Stock Repurchase Program

DENVER, Colo., Apr 22, 2024 ( Gryphon Digital Mining, Inc. (Nasdaq:GRYP) stated that it completed its machine upgrade program ahead of schedule and that its Board of Directors approved a new share buyback program and the completion of its machine upgrade program ahead of schedule.

The stock repurchase program is approved for of up to $5 million of Gryphon’s common stock.

Rob Chang, CEO, President, and Director stated, “This share buyback program authorization demonstrates the Board and management team’s confidence in Gryphon’s strategy and commitment to shareholder value creation while maintaining a balanced approach to capital allocation moving forward. From our track record of ranking at the top of peer bitcoin efficiency charts throughout our operational existence and being among the lowest cost producers of bitcoin at ~$18,200 per bitcoin in 2023, our dedication towards shareholder friendly decisions is relentless.

“The authorization of a share buyback program is a key initiative that we expect to create long-term value for shareholders. In an industry where share sales are common, Gryphon is showing that share capital management goes both ways.

“We have completed our miner upgrade program ahead of schedule, which is set to significantly boost our operational efficiency. Our previously announced batch of Bitmain S21 200 TH/s miners that were ordered to replace a portion of our older fleet of machines are now deployed. This improvement is expected to add approximately 23 PH/s to our hashing power and improve our average fleet efficiency to 28.5 J/T. Gryphon’s self-mining hashrate now stands at approximately 0.94 EH/s.”

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