Gryphon Digital Mining CEO & Director Rob Chang
By Jarrett Banks
Public scrutiny of bitcoin mining’s high energy use is raging. That’s why Gryphon Digital Mining established renewable energy-driven bitcoin mining operations in the U.S. last year.
Institutional investors made up more than 30 percent of a recent Series A that raised $14 million. Gryphon has also partnered with a data center that grants it access to lower electricity costs. Exec Edge sat down with CEO & Director Rob Chang to find out more.
Exec Edge: Can you explain how you mine bitcoin with a zero-carbon footprint?
We are currently using 100% carbon-free hydro power. Over the longer term, we will look to support and use 100% carbon free electricity to build a fully disconnected from the grid bitcoin mining facility using a mix that could include: nuclear, wind, solar and hydro.
Exec Edge: How much energy does it take to mine bitcoin?
Over the course of a year, at our forecast steady-state it would take 0.1 MWH to mine a bitcoin.
Exec Edge: Where is ESG driven bitcoin mining heading?
Hopefully into higher adoption. To date we are the only Bitcoin miner we are aware of that is 100% ESG committed. While others may claim that they are green right now, it doesn’t preclude them from using carbon emitting power later. We at Gryphon are committed to not use those sources at all. We hope more adopt our approach.
Exec Edge: What are some other applications for this technology?
None really. Bitcoin mining is highly specialized.