Under the terms of a signed contract worth $18.7 million, Gryphon Digital Mining has secured an 850-acre industrial site running on natural gas located in Southern Alberta, Canada. This site was provided by Captus Energy.
As stated in a recent announcement by Gryphon Digital, their Bitcoin mining company intends to leverage the newly acquired resources to broaden its AI and advanced computing data center network. The agreement between Gryphon and Captus is set to be finalized either before or around April 2025.
According to the terms, Gryphon Digital will provide Captus with 27 million Canadian dollars or approximately 18.7 million US dollars, which includes a grant of 3 million Canadian dollars ($2 million USD) in four-year-restricted shares for the incoming Captus management team. If the transaction fails to be completed, then the Captus team must return these restricted shares.
This 850-acre industrial property offers the possibility of expanding its power output to a capacity of 4 gigawatts. For Gryphon, this site provides access to two sources of natural gas, a connection to the grid, abundant water resources, and swift fiber optic service providers.
Experts estimate that Gryphon might potentially earn around $1.5 million in yearly income for each megawatt it operates. However, VanEck’s findings suggest Bitcoin mining linked with AI and HPC could yield as much as $9.11 million per MW, implying a substantial increase in potential revenue. If fully utilized, this asset could potentially generate over $5 billion in annual income for Gryphon.
According to Steve Gutterman, CEO of Gryphon Digital, the purchase of Captus Energy’s asset signifies a pivotal turning point for their company, aiming to broaden their influence in the artificial intelligence (AI) and high-performance computing (HPC) infrastructure sector.
Gutterman stated that this location is unique among many in North America because it has a dual natural gas supply, on-site carbon capture capabilities, and easy access to ample water resources – key factors essential for large-scale artificial intelligence (AI) computing operations.
Under the terms of the signed agreement, a portion of the Captus Energy team, specifically those led by Harry Andersen as CEO of Captus Generation, will now be part of the Gryphon.
He stated that we think the purchase of Captus, along with our latest acquisition in British Columbia and the new hires, will significantly change Gryphon’s course and potential size.
In the month of December, Gryphon additionally gained ownership of a natural gas power generation site located in British Columbia. Initially, this site has a capacity of generating 100 megawatts (MW) of power, but it can be expanded to produce up to 1 gigawatt (GW). The estimated cost per kilowatt-hour (kWh) of electricity generated from this site is projected to remain below $0.03.
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2025-01-14 10:42