Gryphon Digital Mining has just completed a new funding round in which the company has raised a whopping $14 million to launch a new bitcoin mining firm that will leave no carbon footprint.
Gryphon Digital Mining Has Raised a Lot of Money
The hate towards bitcoin mining appears to be growing now that bitcoin has reached its new all-time high of more than $60,000 per unit. The idea is that granted bitcoin’s price grows, so do its mining costs and requirements, which are thus potentially causing serious harm to Earth’s environment. It has been widely argued that bitcoin mining requires more energy that several developing countries including Argentina and Iceland, and that it leaves as big a carbon footprint as the city of Las Vegas, Nevada.
Furthermore, it looks like most of the planet’s bitcoin mining operations stem from China, a country not known for being environmentally aware. The nation typically powers these operations through coal and standard fossil fuels, resulting in heavy atmospheric pollution. Figures such as Kevin O’Leary – aka Mr. Wonderful from the television program “Shark Tank” – now say that they will never purchase bitcoin unless they are certain it is not mined in China. In a recent interview, O’Leary even likened bitcoin mined in China to “blood coin.”
One of the significant points of this funding round is that approximately 30 percent of the funds came by way of institutional investors. There was a time when institutions steered clear of both bitcoin and its digital cousins, assuming they were too volatile and risky to get involved with. However, companies such as MicroStrategy and Tesla appear to have paved the way for several new largescale companies to hop aboard the BTC bandwagon, which may be contributing to its ever-growing price.
Rob Chang – CEO and co-founder of Gryphon Digital – explained in a recent interview:
At Gryphon, our long-term strategy is to be the first vertically integrated crypto miner with a wholly owned, 100 percent renewable energy supply. We are grateful for the support of our Series A investors in achieving this mission. Our vision is to further develop and use economically viable, renewable, off-grid energy.
Trying to Clean Up the Space
Thus far, 2021 is slated to be the biggest year for bitcoin mining. Analysts believe that the revenue produced through BTC mining is slated to surge beyond $16 billion by the time 2022 is ready to make an appearance, but the sector is still largely dominated by big names such as Bitmain and Canaan Creative. Gryphon is hoping to make a name for itself while also opening the door to an entirely new clean process that can extract new BTC units while protecting the planet’s air and natural resources.
Prior to working with Gryphon, Chang was the CFO of Riot Blockchain and was the head of mining and metals research for Cantor Fitzgerald.