The US Bitcoin mining company Gryphon is buying 7,200 drilling rigs from Bitmain

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

The total cost of the mining inventory was approximately $ 48 million, according to a press release released Thursday. Starting in August 2021, Bitmain will provide Gryphon with 600 mining rigs per month as part of the agreement.

Antminer S19J Pro is the latest version of Bitmain’s bitcoin mining hardware set to hit the market this summer. According to the press release, each system delivers a hash rate capacity of 100 terahashes per second (TH / s) with an energy efficiency ratio of 29.5 joules per terahashe. With 7,200 of these active machines, Gryphon should theoretically increase its hash performance by 720 petahashes per second (PH / s).

Achieving a hash rate of 720 PH / s – or 0.72 exahashes per second – would put Gryphon in the top 15 bitcoin miners by hash rate distribution, according to data from BTC.com. Such a milestone could be an additional achievement for the US Bitcoin miner, as it aims to achieve 100% renewable energy operation.

Connected: Bitcoin miners can demonstrate green potential by going through the ESG rating check

Back in June, Brittany Kaiser, CEO of Gryphon, told Cointelegraph that the company’s electricity is 100% renewable. Kaiser also announced that Gryphon will receive an ESG rating when it launches its mining hardware in August.

The mining of cryptocurrencies has been examined more closely for energy consumption in recent months. In early July, the Bitcoin Mining Council estimated that the global Bitcoin mining industry operates on a 56% renewable energy supply.

As previously reported by Cointelegraph, data from the Cambridge Bitcoin Electricity Consumption Index has shown that BTC electricity consumption is down nearly 60% from mid-May highs.

This decline is most likely due to Chinese miners going offline following extensive action by the country’s authorities. Some institutions have been forced to move their hardware abroad.