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Akerna Corp announces merger with bitcoin mining company

Home » Akerna Corp announces merger with bitcoin mining company

Akerna Corp. has announced it will merge with privately held bitcoin mining company, Gryphon Digital Mining, in an all-stock deal that will advance Gryphon’s leading ESG-committed, carbon-neutral bitcoin mining business.

Simultaneously with the closing of the merger with Gryphon, Akerna will sell its software business to POSaBIT Systems Corporation, a provider of payments infrastructure in the cannabis industry.

Gryphon, a leading net carbon-neutral bitcoin miner, will be merging with Akerna by way of an Agreement and Plan of Merger to create a leading, ESG-committed, carbon-neutral bitcoin miner. 

Read more: Could hemp solve bitcoin’s energy consumption problem?

Upon completion of the merger, Akerna will change its name to Gryphon Digital Mining, Inc. The merger is expected to provide Akerna shareholders with access to the bitcoin mining industry with one of its premier operators.

Since it commenced bitcoin mining operations in September 2021, Gryphon has consistently ranked among the top three miners on a bitcoin efficiency basis according to publicly available data and has finished at or tied for first place in nine of the 12 months of 2022. 

Read more: Hemp and bitcoin mining green energy project begins

Through its self-mining operations and royalty stream, Gryphon has a potential revenue-generating profile of 1.1 exahash per second (EH/s) on a cost basis of 0.75 EH/s.

POSaBIT will be acquiring MJ Freeway, including MJ Platform and Leaf Data System brands, and Ample Organics. This transaction provides POSaBIT with an opportunity to combine complementary offerings to scale its business and expand its footprint with established platforms. 

These complementary products are likely to be mutually beneficial, as together they are expected to provide a comprehensive retail solution for cannabis operators, complete with supply chain compliance. 

In addition to retail operators, these products are anticipated to continue to serve all verticals of the cannabis industry.

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