US-based Bitcoin miner Gryphon buys 7,200 rigs from Bitmain

US-based Bitcoin miner Gryphon buys 7,200 rigs from Bitmain

A popular US-based Bitcoin mining company has finalized its acquisition of 7,200 mining rigs from Bitmain. The deal was announced on Tuesday, and the company is now distributing its new Antminer rigs. The company says it has already started to ship the rigs to customers, and the devices should be ready to be shipped in the coming weeks.

The company that owns and operates the AntPool mining pool has announced that it has completed the acquisition of all of Bitmain’s mining rigs. The deal was announced on Thursday, September 13 after Bitmain announced that it had received a $2 billion bid from an unknown shareholder. At the time of the acquisition, Bitmain had approximately 7,200 S9 rigs in the ground, and the deal is expected to close by the end of this year.

US-based Bitcoin miner Gryphon buys 7,200 rigs from Bitmain

Gryphon Digital Mining has signed an agreement with Bitcoin (BTC) mining equipment provider Bitmain to purchase 7,200 Antminer S19J Pro mining rigs.

According to Thursday’s announcement, the total cost of the mine’s inventory is about $48 million. Under the agreement, Bitmain will deliver 600 mining rigs to Gryphon on a monthly basis starting in August 2021.

The Antminer S19J Pro is the latest version of Bitmain’s bitcoin mining hardware, due to hit the market this summer. According to the press release, each unit offers a shredding rate of 100 tereshes per second (TH/s) with an energy efficiency of 29.5 joules per teresha (J/TH). With 7,200 of these machines, Gryphon could theoretically boost its hash capacity to 720 petahashes per second (PH/s).

With a hash performance of 720 PH/s – or 0.72 EH/s – Gryphon would be in the top 15 bitcoin miners in terms of hash speed distribution, according to BTC.com. Such a milestone could be another success for the US bitcoin miner, which aims to run on 100% renewable energy.

Related: Bitcoin miners can prove their green credentials by passing the ESG assessment test.

Last June, Brittany Kaiser, the company’s CEO, told Cointelegraph that the company’s energy source is 100% renewable. Kaiser also said Gryphon will get its ESG rating when it launches its mining equipment in August.

Cryptocurrency mining has been criticized in recent months for its energy consumption. In early July, the Bitcoin Mining Council estimated that 56 percent of the global bitcoin mining industry is powered by renewable energy.

As Cointelegraph previously reported, Cambridge Bitcoin’s power consumption index data showed that BTC power consumption has dropped by nearly 60% from the highs recorded in mid-May.

This drop is likely due to Chinese mining companies being taken offline following a massive crackdown by the country’s authorities. Several companies have been forced to move their factories abroad.

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