Q2 2024 Gryphon Digital Mining Inc Earnings Call Transcript
Key Points
- Gryphon Digital Mining Inc (GRYP) achieved a 20% increase in quarterly average hashrate, reaching 899 terahashes per second in Q2 2024.
- The company set a new peak in energy efficiency, achieving 28.5 joules per terahash in June 2024.
- Gryphon's self-mining hashrate reached approximately 0.94 exahash per second due to the Q2 miner upgrade program.
- The company was selected to join the Russell Microcap Index, reflecting significant progress in capital markets.
- Gryphon Digital Mining Inc (GRYP) mined approximately 84 Bitcoin, generating $5.5 million in mining revenues in Q2 2024, up from $4.9 million in the same period the previous year.
- The company reported a net loss of $4 million in Q2 2024, compared to a net loss of $2.6 million in Q2 2023.
- Adjusted EBITDA stood at approximately negative $3 million for Q2 2024, largely due to higher marketing expenses.
- Breakeven costs increased to approximately $45,452 in Q2 2024 from $34,063 in Q1 2024, reflecting the halving event and increased global hashrate.
- The company's balance sheet reported a decrease in Bitcoin holdings from $2.1 million in December 2023 to $1 million in June 2024.
- The CFO, Sim Salzman, announced his decision to step down, which could lead to transitional challenges.
Greetings, and welcome to the Gryphon Digital Mining Second Quarter 2024 earnings call. On the call are Rob Chang, Chief Executive Officer of the Company; and Sim Salzman, Chief Financial Officer of the Company.
Before I turn the call over to Mr. Chang, please note that statements made on this call that are not historical facts may be forward-looking statements from the company's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended, concerning future events.
Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-Q for the quarter ended March 31, 2024, filed with the SEC. Copies of these documents are available on the SEC's website at
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