Gryphon Digital acquires $18.7 million site in Canada, signs new Bitcoin mining deal

Gryphon Digital Mining has acquired an 850-acre natural gas-fired industrial site in southern Alberta, Canada under an agreement signed with Captus Energy for $18.7 million.

According to Gryphon Digital press releaseBitcoin (Bitcoin) The mining company plans to use the recently acquired assets to further expand its business Amnesty International and high-performance computing data center infrastructure. Gryphon’s deal with Captus is expected to close before or sometime in April 2025.

Based on the agreement, Gryphon Digital will pay Captus C$27 million (US$18.7 million), which already includes C$3 million (US$2 million) of restricted stock for four years granted to Captus’ incoming management team. If the deal does not close, the Captus team will have to return the restricted shares.

The 850-acre industrial site has the potential to expand its capacity to 4 GW and gives Gryphon access to dual natural gas supplies, grid connectivity and water resources as well as fast fiber backhaul providers.

Analysts conclude that Gryphon could generate $1.5 million in annual revenue per megawatt, although VanEck’s research It believes that Bitcoin mining revenues related to artificial intelligence and high-performance computing could reach $9.11 million per megawatt. At full capacity, the asset has the potential to generate more than $5 billion in annual revenue for Gryphon.

The acquisition of Captus Energy assets represents a transformative moment for Gryphon as it hopes to expand its reach into the AI ​​and HPC infrastructure market, said Steve Gutterman, CEO of Gryphon Digital.

“The combination of dual natural gas supplies, on-site carbon sequestration, and ample access to water makes it one of the few sites in North America that contains all the critical elements needed for large-scale AI computing,” Guterman said.

He added that part of the Captus Energy team, led by Captus Generation CEO Harry Andersen, will join Gryphon under the signed agreement.

“We believe the Captus acquisition, when combined with our recent acquisition of British Columbia and additions to our team, will fundamentally transform Gryphon’s trajectory and potential scale,” he said.

In December, Gryphon also acquired a natural gas site in British Columbia with an initial generation capacity of 100 MW and the potential to expand up to 1 GW. The expected site-related energy cost could be less than $0.03 per kilowatt hour.