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Bitcoin mining company buys 7,200 mining rigs for $48 million

Bitcoin mining company in the making Gryphon Digital Mining has announced that it has agreed to purchase 7,200 Antminer S19J Pro bitcoin mining rigs from Bitmain Technologies for an aggregate price of $48 million.

“We are happy to provide Gryphon with Bitmain’s latest next-gen miners, the Antminer S19J Pro,” said Irene Gao, Antminer sales director of North, Central and South American regions at Bitmain. “We are confident that Gryphon will continue to expand their business and provide reliable and low-cost mining. We look forward to our continued cooperation with them in the future as they expand their operations.”

The agreement terms stipulate that Bitmain will deliver 600 miners every month to the mining company, with the first batch to be delivered in August 2021. Furthermore, the machines to be delivered are the latest model from Bitmain, scheduled to be released this summer. According to the announcement, the rig boasts a maximum hash rate of 100 terahashes per second (TH/s), an energy efficiency ratio of 29.5 joules per TH. The machines are expected to last for around five years.

Once Gryphon receives and deploys all 7,200 machines, it will enjoy a combined total of 720,000 TH/s, or 0.72 exahashes per second (EH/s), of hashing power. If the agreement is actualized and the company fully deploys the machines, Gryphon would be positioned, in present terms, among the 15 largest bitcoin miners worldwide. The company’s 0.72 EH/s would lead it to becoming the 13th biggest BTC miner, ahead of EMDCPool’s 0.7 EH/s hash rate power.

Gryphon’s order agreement joins other recent purchases in the space. Last week alone, Hut 8 Mining Corporation announced a $44 million acquisition of over 11,000 mining rigs, and bitcoin mining company in the making TeraWulf ordered 30,000 machines from Bitmain. Additionally, Gryphon has reportedly already partnered with a data center to access electricity costs as low as $0.013/kWh to power its mining operation plans.

Source: Bitcoin magazine