Summary by Futu AI
Gryphon Digital Mining reported Q2 2025 revenue of $1.4 million, down 75% from $5.5 million in Q2 2024, as mining operations were impacted by increased global hashrate and higher energy costs. The company mined approximately 14 bitcoins during the quarter at an average cost of $117,636 per coin, compared to 84 bitcoins at $38,291 per coin in the prior year period.Operating expenses decreased 68.3% to $3.6 million, driven by lower cost of revenues and depreciation. General and administrative expenses declined 57% to $1.6 million due to reduced investor relations spending and professional fees, partially offset by higher compensation costs. The company ended the quarter with cash and digital assets of $1.6 million.The company made strategic moves during the quarter, including suspending operations at Blockfusion due to high energy costs and terminating several potential acquisitions. In May 2025, Gryphon announced a merger agreement with American Bitcoin Corp, under which ABTC shareholders would own 98% of the combined company upon closing. Management continues to focus on operational efficiency and strategic growth opportunities.
