Gryphon Digital Mining (GRYP) Announces $5M Share Buyback

Gryphon Digital Mining, Inc. (Nasdaq: GRYP) ("Gryphon" or the "Company"), a leading bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, is pleased to announce a new share buyback program, authorized by its Board of Directors (the "Board"), and the completion of its machine upgrade program ahead of schedule.

Stock Repurchase Program

This strategic move allows for the repurchase of up to $5 million of Gryphon's common stock, underscoring its ongoing commitment to enhancing shareholder value.

"This share buyback program authorization demonstrates the Board and management team's confidence in Gryphon's strategy and commitment to shareholder value creation while maintaining a balanced approach to capital allocation moving forward. From our track record of ranking at the top of peer bitcoin efficiency charts throughout our operational existence and being among the lowest cost producers of bitcoin at ~$18,200 per bitcoin in 2023, our dedication towards shareholder friendly decisions is relentless." said Rob Chang, CEO, President, and Director. "The authorization of a share buyback program is a key initiative that we expect to create long-term value for shareholders. In an industry where share sales are common, Gryphon is showing that share capital management goes both ways."

The buyback program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The program may be suspended, modified or terminated by the Company at any time and for any reason, without prior notice.

Miner Upgrades Completed Ahead of Schedule

Mr. Chang added, "We have completed our miner upgrade program ahead of schedule, which is set to significantly boost our operational efficiency. Our previously announced batch of Bitmain S21 200 TH/s miners that were ordered to replace a portion of our older fleet of machines are now deployed. This improvement is expected to add approximately 23 PH/s to our hashing power and improve our average fleet efficiency to 28.5 J/T. Gryphon's self-mining hashrate now stands at approximately 0.94 EH/s."

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

You May Also Be Interested In

• Reitar Logtech launches $3M share repurchase program
• Bitmine reports 5.82 million ETH holdings, $11.4B total assets
• Cycurion board approves $500,000 share repurchase program