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Mining Start-Up Gryphon Purchases 7200 Bitmain Antminers for $48 Million

Gryphon Digital Mining announced its agreement to buy 7200 S19j Pro Antminer mining machines.

A new bitcoin mining company that is developing, Gryphon Digital Mining, announced its agreement to buy 7200 S19j Pro Antminer mining machines. This agreement with Bitmain Technologies is valued at no less than $48 million.

Irene Gao, the sales director of Bitmain in North, South, and Central America, expressed that Bitmain is happy to provide their next-generation miners to Gryphon. She said: “We are happy to provide Gryphon with Bitmain’s latest next-gen miners.” Irene went on to say Bitmain is confident that Gryphon will expand their business and provide low-cost, reliable mining. 

The terms of the agreement between Bitmain to Gryphon Digital mining is that Bitmain will provide 600 miners monthly, starting in August 2021. That is when the first batch is due to be delivered to Gryphon from Bitmain. They will be the latest model from Bitmain; their release is scheduled sometime this summer. The S19J Pro will have a hash rate of 100 TH/s, an energy efficiency ratio of 29.5 Joules per terahash. The MTBF (mean time before failure) of Bitmain machines is expected to be around five years with proper use.

Following A Trend

When Gryphon deploys all 7200 of these S19j Pro mining rigs, Gryphon will have a combined total hash rate of 7200 TH/s or 0.72 Exahashes/second. If the agreement comes to fruition and the machines are fully deployed, Gryphon would be in the top 15 largest worldwide Bitcoin miners, ranking 13th approximately. It would put them ahead of EMDCPool’s 0.7 Exahashes.

The agreement between Gryphon and Bitmain Technologies has happened with many similar contracts in the Bitcoin mining space. For example, Hut 8 Mining Corp has agreed to a $44 million contract of 11,000 miners. Another new Bitcoin mining company, TeraWulf, has ordered 30,000 machines from Bitmain Technologies.

Gryphon has found a data center that will provide power costs as low as $0.013/kWh to power its operation. This will enable good profits for Gryphon, as it recoups its initial investment of $48 million, enabling the growth potential. Gryphon could in the future become an even bigger player as a result of this initial investment with time.