The following is a summary of the Gryphon Digital Mining, Inc. (GRYP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Gryphon Digital Mining reported mining revenues of $7.5 million in Q1 2024 from mining 142 bitcoins.

• The company marked an increase in revenues compared to $4.8 million in the same period prior year.

• However, Gryphon noted a net loss of $11.7 million during this quarter, a significant element of this being net non-cash expenditures of $11.6 million.

• Adjusted EBITDA for the quarter was recorded at $1.9 million, a fall from the $4.2 million of Q1 2023.

• Net loss per share (both basic and diluted) were noted to be $0.36 in Q1 2024 compared to a net loss per share of $0.28 in Q1 2023.

Business Progress:

• Gryphon successfully concluded an upgrade program for its miners, enhancing the company's operational efficiency and competitive stance.

• The company deployed Bitmain S21 200 terahash per miners to upgrade a segment of its fleet, leading to an increase of 23 terahashs per second in its total hatch rate.

• The present self-mining hash rate of Gryphon is approximately 0.94 exahash per second.

• The company's eye is on targeted growth by focusing on struggling private bitcoin mining entities lacking in capital and scale.

• The possibility of a share buyback program has been considered by Gryphon, emphasizing on the management's focus on capital structure.

• The company is exploring different expansion options, operating flexibility with a hosting partner, and considering a move into the nuclear space, aligning with its pledge of being carbon-neutral. Specific expansion location under consideration include Asia, South America, Europe, and the U.S., specifically Wyoming.

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