The Gryphon BTC miner recently purchased 7200 rigs from Bitmain worth $48 million, which is set to release this summer so let’s read more in our latest Bitcoin news today.
Gryphon Digital Mining signed a purchase agreement with Bitcoin mining producer Bitmain to purchase 7200 Antiminer S19J Pro Mining rigs. According to the release, the entire outlay for the mining inventory amounted to $48 million, and starting in August, Bitmain will deliver 600 mining rigs to Gryphon each month as a part of the deal.
The Antminer S19J Pro is the latest batch of BTC mining hardware slated for release on the market in August. According to the release, each of the rigs offers 100 terahashes per second hash rate capacity with an energy efficiency ratio of 29.5 joules per terahash. With the 7200 rigs acquired, Gryphon will see its hashing power increase by 720 petahash per second. Achieving this capacity will put Gryphon in the top 15 BTC miners by hash rate distribution and this milestone could be an added achievement for the American Bitcoin miner as it sets out to achieve 100% renewable energy operations.
Brittan Kaiser who is the chair of the company’s board of directors said that the company’s electricity source is 100% renewable and Kaiser revealed that Gryphon will receive its ESG rating upon the launch of the mining hardware. Crypto mining came under a lot of scrutinies in the past few months over energy consumption and back in July, we saw the bitcoin Mining council estimating that the global BTC mining industry is running on a 56% renewable energy supply. The data from Cambridge Bitcoin Electricity Consumption Index showed that Bitcoin’s consumption is down by 60% from the highs recorded in mid-May. The drop is most likely due to the miners going offline after the crackdown in China. A few establishments also were forced to relocate their hardware somewhere else, outside of China.
Speaking of China, China’s crackdown on BTC mining sent the hash rate plummeting and served to outline the detrimental environmental aspects of the most popular cryptocurrency but the consequences have not been addressed as per the senior British academic. Pete Howson who is a senior lecturer in international development at Northumbria University in the UK said that China unleashed a global arms race in the BTC mining equipment which will bring devastating effects that can be prevented with a coordinated crackdown worldwide.
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