BTC miner Gryphon recently purchased 7,200 drilling rigs from Bitmain, valued at $ 48 million, which are set to go live this summer. So read more on our latest bitcoin news today.
Gryphon Digital Mining has signed a purchase agreement with Bitcoin mining manufacturer Bitmain for the purchase of 7200 Antiminer S19J Pro mining rigs. According to the press release, the total cost of the mining pool is $ 48 million, and starting in August, Bitmain will provide Gryphon with 600 mining rigs each month as part of the deal.
Antminer S19J Pro is the latest batch of BTC mining hardware that is expected to hit the market in August. According to the announcement, each rig offers a hash rate of 100 terahashes / second with an energy efficiency ratio of 29.5 joules / terash. With 7200 rigs acquired, Gryphon will increase its hash power by 720 petahashes per second. Achieving this capacity would put Gryphon in the top 15 BTC miners by hash rate distribution, and the milestone could be an additional achievement for the U.S. Bitcoin miner if they keep their goals in mind: 100% renewable energy operations .
The company’s power supply is 100% renewable, and Kaiser announced that the Gryphon will receive an ESG rating when its mining hardware is launched, said Brittan Kaiser, chairman of the company’s board of directors. For the past few months, cryptocurrency mining has been under scrutiny for its energy consumption, and in July we saw the Bitcoin Mining Board estimate that the global BTC mining industry uses 56% renewable energy. Data from the Cambridge Bitcoin Electricity Consumption Index shows Bitcoin consumption is down 60% from mid-May highs. The decline is most likely due to miners going offline after crackdown in China. Some facilities are also being forced to relocate their hardware to another location outside of China.
Speaking of China, China’s crackdown on BTC mining has caused hash rates to plummet and is used to outline the negative environmental aspects of the most popular cryptocurrency, but the consequences remain unsolved, according to the UK chief scientist. Pete Howson, a senior lecturer in international development at Northumbria University in the UK, says China is embarking on a global arms race in BTC mining equipment that will have devastating effects and could be prevented by coordinated global crackdown.
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