TORONTO–(BUSINESS WIRE)–Aug. August 2022 –
Sphere 3D Corp. (“Sphere 3D” or the “Company”) (Nasdaq: NY), which aims to become the leading carbon-neutral, industrial-scale Bitcoin mining company, will report the results of its Bitcoin mining operations by March 31, 2020 announce July , 2022. offers.
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“I am very pleased with the performance of our mining operations in July. Our miners work very efficiently and maintain an average uptime of around 94%. During the month we secured hosting space on Compute North, a sustainable large-scale computing infrastructure, to host our new S19j experts at their new Wolf Hollow location in Granbury, TX. The facility is one of the newest next-generation data centers in the US and offers Sphere 3D solid long-term hosting options should suffice.
“The delivery of 4,000 S19j Pros discussed last month is scheduled to be delivered and installed at the Compute North site beginning in August. Logistical challenges as US Customs is delaying final shipments beyond expected July 2022 delivery dates.” The Sphere 3D team worked diligently to ensure prompt delivery to the supplier and the miners were shipped to the US in multiple shipments , which arrived between July 6th and 10th. Unfortunately, US Customs refused the shipment. Withheld and our equipment supplier, 2022, our teams have received clearance of a shipment with approximately 540 miners on the way to calculate the answer. We expect other shipments to be free soon, but we cannot predict when final shipments will be cleared by US Customs. Industry leaders and other mining companies face similarly frustrating US customs clearance problems.
“By July 31, Sphere 3D had contractual payments to FuFu Technologies Ltd. (BitFuFu) totaling $106.5 million for the purchase agreement entered into and announced in September 2021. Current market conditions and the market for S19j Pros-Miner Considering the price. Agreement, we will review the terms of the agreement with Bitfufu again. All future delivery times and quantities related to the 60,000 unit order are expected to be impacted by these discussions and no further payments under the contract are anticipated at this time. We cannot guarantee the outcome of these discussions; However, we remain optimistic that a timely and fair agreement can be reached. Bitfufu works with Bitmain on behalf of the company.
“We have reviewed a number of financing options over the past few months and are committed to maintaining our current balance sheet given market conditions and available financing terms. The company is currently free of long-term debt and has capital in the near future. We intend to continue our conservative spending approach. Expression. To maintain our conservative outlook, we intend to acquire our fully funded miners in 2022 and our unconstrained mining exploit in 2023. Let’s proceed with the delivery.”
bitcoin production and keep update
In the month ended July 31, 2022, Sphere 3D mining operations produced 12.78 bitcoins, or an average daily production of 0.41 bitcoins. The daily production volume remained unchanged compared to June 2022. Based on the Bitcoin price of $23,378 on July 31, 2022, the estimated value corresponding to the company’s production was approximately $298,771 for the month.
Since the company began mining operations in the first quarter of 2022, it has produced 68.05 bitcoins and held 62.03 bitcoins as of July 31, 2022. This represents a fair market value of approximately $1.45 million based on Bitcoin’s price of $23,378 as of July 31, 2022. As of July 31, 2022, the Company operates approximately 1,000 S19j Pros miners with production capacity of about 100 PH /s. The Sphere 3D mining fleet was operating at an efficiency of 138.5 BTC/eh in July and had an average uptime of around 94 percent.
The Company continues to employ a HODL strategy for most of its holdings. The difference between the number of bitcoins mined and their holdings is the bitcoin sector 3d, which is used to fund working capital.
Statement on the Griffon Treaty
Based on investor feedback, the Company is clarifying the aborted merger and Master Service Agreement (MSA) with Gryphon Digital Mining (Gryphon). There were three separate agreements with the Griffon in Sphere 3D. 1) the merger agreement, 2) the hosting sublicense agreement with Core Scientific (CORE), and 3) the MSA, which covers Griffon’s role in managing Sphere 3D’s mining fleet.
- The merger agreement was terminated on April 4, 2022. Griffon by Sphere 3D does not require any additional payment.
- Under the Core sublicense agreement, Sphere 3D would pay Core more than $50 million to pre-purchase power for the company’s miners. The agreement between Gryphon and Sphere 3D provides that Gryphon acts as an agent for these payments. Payment under this contract has been withheld due to minor changes in the delivery schedule and other material reasons.
- MSA will control the continued collaboration between Sphere 3D and Gryphon after the completion of the merger. Gryphon receives compensation from monthly bitcoin production for the services it provides.
Mrs. Trumpeter was represented on the panel discussion, women do mining, At the Mining Discipline, the world’s largest bitcoin mining fair. The panel discussion took place on July 28, 2022. She joined an all-female cast of mining industry executives on a panel that discussed a range of topics including the bitcoin industry, renewable energy, and how women are driving and leading innovation in bitcoin. mining site. Visit www.miningdisrupt.com for more information.
Closing remarks from the CEO
“Preparing a company for sustainable change and growth not only requires a cool head, strong nerves and conviction, but also a long-term orientation. We look forward to growing our mining operations in 2022.” Working diligently while exploring new and existing opportunities to increase shareholder value. Upon completion, Sphere 3D will have a strong balance sheet and our business will be well positioned for growth
“I am proud of the work of the Sphere 3D team. We are working hard to grow the company and increase shareholder value. I’m proud to lead Sphere 3D on this journey.” – Patricia Trompeter, CEO of Sphere 3D
About Sphere 3D
Sphere 3D Corp. (Nasdaq: ANY) is a purely carbon-neutral cryptocurrency miner with decades of experience in enterprise data services. The company is rapidly growing its industrial-scale mining operations through capital-efficient sourcing of next-generation mining equipment and partnerships with world-class data center operators. Sphere 3D is dedicated to increasing shareholder value while respecting its commitment to strict environmental, social and governance standards. For more information about the company, visit Sphere3D.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally address future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements by the fact that they contain words such as “may”, “will”, “should”, “expect”, “plan”, “estimate”, “could”, “intend”, ” projects”, “consider”, “believe”, “estimate”, “predict”, “possibly” or “continue” or the negative of these words or other similar words or phrases. The matters discussed, expectations and beliefs regarding them may not exist and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Forward-looking statements contained in this release are subject to other risks and uncertainties, including those described in filings with the SEC, including Sphere 3D’s reports on Form 20-F and Form 6-K, and others from time to time with the SEC filings are fully described at Sphere 3D and available at www.sec.gov. These forward-looking statements are based on current expectations, which are subject to change.
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Contact: Sphere 3D
Kurt Kulbflish, CFO, Sphere 3D
Keywords: North America Canada
Industry Keywords: Natural Resources Other Natural Resources Mining/Minerals
Source: Sphere 3D Corp.
Copyright Business Wire 2022.
Pub: 08/08/2022 09:00 / Disc: 08/08/2022 09:02