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I don't think there is any reason at all to think that one hyphen harm a site. It could be argued that people will type in the non hyphenated version instead, but for ranking purposes I don't think it matters at all. I know of a few sites with two hyphens that are doing really well. I'd draw the line at three because it looks kind really spammy and might deter people from linking to it, or visiting, in which case the ranking will be harmed via that angle. The same in some cases could be said for two. Not for one though.
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