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Sphere 3D Corp. (NASDAQ: ANY) is a pioneering company specializing in net carbon-neutral cryptocurrency mining and enterprise data-services. Leveraging over a decade of proven expertise, Sphere 3D is dedicated to becoming an industry leader in Bitcoin mining at an industrial scale. The company operates through two primary segments: Digital Mining and Service and Product, with the vast majority of its revenue derived from the Americas.
Sphere 3D's core business revolves around providing cutting-edge data management and virtualization solutions through hybrid cloud, cloud, and on-premise implementations. The company markets a robust portfolio of brands including Glassware 2.0™, SnapCloud™, SnapScale®, SnapServer®, SnapSync™, V3, RDX®, and NEO®. Sphere 3D's technology solutions converge traditional silos of compute, storage, and network into integrated hyper-converged or converged solutions.
Recent achievements highlight Sphere 3D's commitment to growth and efficiency. In October 2023, the company mined 69.2 Bitcoin, marking a 535% year-over-year increase. By November 2023, Bitcoin production rose to 71.7 Bitcoin, up 596% YoY. Sphere 3D also reported a significant revenue increase of 322% YoY to $5.7 million in Q3 2023, driven by a 396% increase in Bitcoin mined.
Sphere 3D continues to scale its operations, achieving a month-end operating hash rate of 1.3 EH/s and maintaining its industrial-scale mining operation through capital-efficient procurement of next-generation mining equipment. The company is focused on maintaining operational efficiency and exploring various growth opportunities, including organic expansion and strategic mergers and acquisitions.
Recent financial results reflect a positive trajectory, with total revenue reaching $21.9 million for FY 2023, an increase from $6.1 million in FY 2022. The company mined 667 Bitcoin in 2023 and strategically streamlined operations by reducing SG&A expenses and selling non-core businesses.
Sphere 3D is also proactive in addressing the upcoming Bitcoin halving and has outlined a comprehensive plan to counteract reductions in Bitcoin earned. The company is currently upgrading its fleet, transitioning to newer-generation machines to bolster efficiency and maximize profitability.
In a move to secure its financial future, Sphere 3D reached a $10 million settlement with Core Scientific, providing non-dilutive capital for growth. The company is actively pursuing strategic M&A opportunities to enhance shareholder value and secure robust long-term infrastructure solutions.
For more information about the company, please visit www.sphere3d.com.
Sphere 3D Corp. (NASDAQ: ANY) has appointed Patricia Trompeter as its new CEO, effective April 5, 2022, marking her as the first minority female CEO in the public cryptocurrency mining sector. Trompeter aims to expand the company's carbon-neutral bitcoin mining operations, targeting a capacity of 6.0 EH/s with significant equipment deliveries planned. The company will increase its Board of Directors to five members and establish an executive advisory board for strategic guidance. Compensation for Trompeter and the Board will heavily utilize bitcoin, reflecting the company's commitment to the cryptocurrency space.
Sphere 3D Corp. has mutually agreed to terminate its merger agreement with Gryphon Digital Mining, originally announced on June 3, 2021, due to changing market conditions. The two companies will continue their collaboration via a Master Services Agreement, allowing Sphere 3D to leverage Gryphon’s bitcoin mining expertise. Sphere 3D has 1,000 miners operational and expects delivery of 4,000 more in 2022, becoming a net carbon-neutral bitcoin miner. Gryphon also expands its operations, aiming for a total hashrate of approximately 2.1 exahash by year-end 2022.
Sphere 3D Corp. (NASDAQ: ANY) received a deficiency notice from Nasdaq due to non-compliance with Rule 5605(c)(2)(A), which mandates audit committee independence. The issue arose from a discretionary bonus payment to Audit Committee member Patricia Trompeter, who resigned from the committee on March 7, 2022, but remains on the Board. The notice does not affect the company's Nasdaq listing or operations. Sphere 3D is preparing a compliance plan, including appointing a new audit committee member.
Sphere 3D Corp. (NASDAQ: ANY) has announced a significant agreement to acquire 60,000 next-generation NM440 bitcoin miners, enhancing its position as a carbon-neutral bitcoin mining leader. The deal, worth up to $1.7 billion, includes $400 million in stock, $29 million in cash, and potential milestone payments. The NM440 miners offer a hash rate of 440 TH/s, with deployment expected to increase capacity by 440% over 13 months. The acquisition will enable Sphere 3D to achieve a total hash rate of 32.4 EH/s, representing approximately 14% of the current global network hash rate.
NuMiner Technologies has launched the NM440 bitcoin miner, which boasts a hash rate of 440 TH/s and a power efficiency ratio of 20.2 J/TH, establishing a new standard in the industry. The company entered a $1.7 billion sale agreement with Sphere 3D for 60,000 NM440 miners, expected to represent ~15% of the global network hash rate. Deliveries are set to begin in the second quarter of 2022. This agreement emphasizes both companies' commitment to sustainable and renewable energy usage in cryptocurrency mining.
Gryphon Digital Mining will present at the Ladenburg Thalmann Virtual Technology Expo on November 18, 2021, at 12:30 pm EST. CEO Rob Chang expressed enthusiasm for sharing Gryphon's growth and carbon negative ESG strategy with attendees. The expo will showcase approximately 50 companies from various tech sectors, including blockchain and bitcoin mining. Gryphon aims to lead in sustainable crypto mining, focusing on hydro-electric and renewable energy sources. The company is also involved in a planned merger with Sphere 3D (NASDAQ: ANY), expected to complete in Q1 2022.
Gryphon Digital Mining announced CEO Rob Chang will speak at the virtual MarketWatch - Investing In Crypto Conference on October 27 and November 3, 2021. The conference focuses on insights into the crypto sector post-China's mining ban. Gryphon, recognized as a leading and carbon-negative bitcoin miner, aims to provide 100% carbon-neutral operations. The company is set to merge with Sphere 3D (Nasdaq: ANY), allowing shareholders to become part of the new entity. The merger is anticipated to close in Q4 2021, subject to regulatory and shareholder approvals.
Gryphon Digital Mining has begun operating its first batch of 7,200 S19J Pro Antminers, marking a significant shift from aspiration to active bitcoin production. This deployment enhances Gryphon's goal to lead in bitcoin mining while maintaining a zero carbon footprint. The new fleet is expected to yield 720 PH/s of hashing power, ranking Gryphon among the top 15 global miners. The company emphasizes its commitment to sustainability, as its operations will rely on 100% renewable energy. Additionally, Gryphon is set to merge with Sphere 3D (Nasdaq: ANY), pending shareholder and regulatory approval, expected to conclude in Q4 2021.
Gryphon Digital Mining has appointed Chris Ensey, a leading expert in cryptocurrency mining, as Chief Technical Advisor. Ensey, formerly COO of Riot Blockchain, brings extensive experience in cybersecurity and operational efficiency. His appointment is part of Gryphon's strategy to strengthen its position in the renewable bitcoin mining sector. Rob Chang, CEO of Gryphon, expressed enthusiasm about Ensey's talent and expertise contributing to the company's growth. Gryphon is moving forward with its merger with Sphere 3D (Nasdaq: ANY), aiming to provide sustainable mining solutions.
Gryphon Digital Mining announced a significant merger agreement with Sphere 3D (Nasdaq: ANY) and a purchase of 7,200 Antminer S19J Pro mining machines from Bitmain for $48 million. This purchase aims to boost Gryphon's Bitcoin hash rate while maintaining a zero carbon footprint. The S19J Pro miners are recognized for their high efficiency and longevity. Deliveries will begin in August 2021, contributing to Gryphon's strategy of operating exclusively on renewable energy. The merger is expected to equate Gryphon shareholders with substantial interests in Sphere 3D.
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