Gryphon Digital Mining has raised a $14 million Series A to launch a Bitcoin mining operation with a zero-carbon footprint. Institutional investors accounted for more than 30 percent of the round, which closed in just over two weeks, significantly oversubscribed.
“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’re grateful for the support of our Series A investors in achieving this mission,” said Rob Chang, CEO, director, co-founder, of Gryphon Digital Mining. “Our vision is to further develop and use economically viable, renewable, off-grid energy.”
The Bitcoin mining industry’s total revenue is on pace to top $16 billion in 2021, but the market is highly fragmented, with the top five public companies representing less than 1 percent of the total market share. Gryphon has the opportunity to become a market leader by providing reliable, low-cost mining, whi