(MENAFN- EIN Presswire)
Crypto mining Using New energy Sources Is A Powerful And Profitable Avenue
LONDON, UNITED KINGDOM, October 24, 2024 /EINPresswire / -- As competition heats up in the
bitcoin mining industry, companies are grappling with the challenge of maintaining profitability amidst fluctuating
Bitcoin prices.
WOLF Financial's Gav Blaxberg recently posed a critical question about how firms like AEON Mining manage their costs when Bitcoin's value takes a hit. This concern is particularly relevant as more players enter the space, each with their own strategies and cost structures.
"Our electricity costs are extremely low, at around 3 cents per kilowatt-hour, thanks to our location in an area with little demand," CEO explains. This strategic positioning allows Gryphon to pass through costs directly, enabling them to maintain profitability even when Bitcoin prices drop. He adds, "When Bitcoin drops to $40,000 $30,000 or even $20,000, our costs flex down as well," highlighting the importance of flexibility in their business model.
This adaptive cost structure has proven to be a significant advantage for Gryphon. Reflecting on past market downturns, CEO notes, "We were actually doing quite well because our costs were flexing way down and it was very advantageous for us." While many of their competitors struggled during Bitcoin's slump, Gryphon's ability to adjust its expenses allowed the company to remain resilient, underscoring the importance of flexibility in an increasingly competitive landscape.
As that competition grows, more and more bitcoin miners have been drawn to mining other cryptocurrencies or expanding into AI data centers.
Gracie Dunn
AEON INVESTMENTS LIMITED
...
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.