Gryphon Digital Mining Announces April Operational Update

Machine Upgrades Lead to New Company All-Time Bests in Hashing Power and Efficiency

LAS VEGAS, NV / ACCESSWIRE / May 6, 2024 / Gryphon Digital Mining, Inc. (NASDAQ:GRYP) ("Gryphon" or the "Company"), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, has released its unaudited operational update for April 2024.

Key highlights for the month:

• Produced approximately 40 bitcoin
  • Approximately $2.6 million in value based on an average April bitcoin price of $66,183
  • Production of 1.33 BTC/day on average, or about $88,244/day
• Achieved bitcoin efficiency of 43 BTC/EH
• New Company record average self-mining hashing power of 914 PH/s in April
• Machine upgrade program completed with the installation of Bitmain S21 200 TH/s machines
• 21 bitcoin in treasury as of April 30, 2024
• Average machine efficiency improved to 28.7 J/T in April
• Scope 1 and Scope 2¹ operations continue to be 100% electrified by zero-carbon emitting Hydro power

"April signified the beginning of our post go-public improvement program as we ordered and installed a batch of state-of-the-art Bitmain S21 200 TH/s machines to upgrade our mining fleet. The result of this effort was a new Company all-time high in average hashing power at 914 PH/s as well as a new Company all-time best in average mining efficiency at 28.7 J/T as our new machines are currently tracking to be 43% more efficient than the machines they replaced," noted Rob Chang, CEO of Gryphon. "For the month, we earned bitcoin valued at approximately $2.6 million based on an average bitcoin price of $66,183, which includes record setting days when bitcoin mining transaction fees were particularly valuable."

April's bitcoin efficiency performance of 43 BTC/EH continues to showcase Gryphon's commitment to running its operations at peak performance. In monthly rankings over the last twelve-months, Gryphon ranked #1 in bitcoin efficiency on six occasions. Since Gryphon commenced operations in September 2021, it has consistently placed among the top of these publicly available bitcoin efficiency scores - ranking at or tied for first in 17 of the 31 months, or about 55% of the time.

The Company held 21 bitcoin in its treasury as of the end of April as coins were sold to finance the mining fleet upgrade in a non-dilutive manner.

Conference Schedule:

• Consensus 2024 by CoinDesk held in Austin, TX on May 29 ^th - 31 ^st
• Mining Disrupt in Miami, FL on June 24 ^th - 26 ^th
• Bitcoin 2024 held in Nashville, TN on July 25 ^th - 27 ^th
• Blockchain Futurist Conference in Toronto, ON on August 13 ^th - 14 ^th

About Gryphon Digital Mining