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Sphere 3D Corp. Provides August 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - September 11, 2023) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), dedicated to becoming the leading
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - September 11, 2023) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\" or the \"Company\"), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation for August 2023.\nKey Highlights:\n\n58.3 Bitcoin mined in August, down 2.5% from July and up 359% YoY.\nMonth-end operating hash rate was 1.3 EH/s, up 18% from July and 13x YoY.\nOperations achieved 74.1 BTC/EH efficiency.\nUptime was 66%, down from July due to a significant increase in curtailments over the month as a result of record high temperatures at our hosting partner sites.\n\n\n\n\nMetrics\nAugust 2022\nJuly 2023\nAugust 2023\n\n\nBitcoin Mined\n12.7\n59.8\n58.3\n\n\nBitcoin Sold\n0.0\n70.1\n65.7\n\n\nMining Revenue*\n$0.3 million\n$1.8 million\n$1.6 million\n\n\nBitcoin Holdings\n74.8\n10.2\n2.8\n\n\nDeployed Miners\n~1,000\n~10,240\n~12,450\n\n\nMonth End Deployed Hash Rate (EH/s)\n100 PH/s\n1.1 EH/s\n1.3 EH/s\n\n\n\n \n*Unaudited\nCEO Comments\n\"We energized an additional 2,210 miners during August, bringing our deployed hash rate to 1.3 EH/s,\" said Patricia Trompeter, CEO of Sphere 3D Corp. \"Bitcoin mined were 58.3, representing a 359% increase year-over-year and 3% decrease from July. The lower production from July was due to continued curtailments related to record high temperatures at our Texas and Missouri hosting sites.\"\nCore Scientific Update\nAs previously disclosed by the Company, on October 31, 2022, the Company filed an arbitration request against Core Scientific asserting various claims, including breach of contract and conversion. In December 2022, Core Scientific and certain of its affiliates (collectively, \"Core\") filed for Chapter 11 bankruptcy. In connection with the bankruptcy proceeding, Sphere has filed proofs of claims against Core. On May 9, 2023, Core filed objections to Sphere's proof of claims.\nOn June 9, 2023, Core filed a motion for summary judgment seeking the summary dismissal of Sphere's claims. On August 7, 2023, the bankruptcy court held a hearing on the motion for summary judgment. On August 9, 2023, the court entered an order denying the motion for summary judgment.\nThe bankruptcy court subsequently entered a scheduling order that calls for a merits hearing in the first quarter of 2024. Sphere 3d Co...