Business
Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for December 2022
Increased production capacity by about 267% Grew production by 74% month over month to 17.93 Bitcoin Bitcoin holdings totaled 103.01 at month-end Operations
About this update from Sphere 3d Corp.
[{"type":"text","content":"\nIncreased production capacity by about 267%\nGrew production by 74% month over month to 17.93 Bitcoin\nBitcoin holdings totaled 103.01 at month-end\nOperations achieved 113.3 BTC/EH efficiency\n\nToronto, Ontario--(Newsfile Corp. - January 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 the month ending December 31, 2022.\nCEO Comments\n\"December was transformative for Sphere 3D from start to finish, and included the receipt of approximately 12,000 miners from BitFuFu, a successful annual general meeting, and the long-awaited energization of miners at Wolf Hollow. Once fully deployed and hashing, Sphere 3D's fleet will total almost 17,000 units with a production capacity of over 1.7 EH/s.\n\"We are excited by the progress made in December and plan to carry that momentum into the new year. While there were many accomplishments for the Company, the mining industry continued to struggle in December with the further decline of mining economics and additional bankruptcy filings. This year has been challenging for the industry, however the team at Sphere 3D continues to work diligently into 2023 to build on its strong finish in 2022.\"\nCompute North Update\nIn December 2022, over 3,600 miners were installed at the Wolf Hollow site, formerly owned by Compute North, of which nearly 2,700 began hashing, with the remainder pending energization due to a delay of the provider. In addition, there are about 700 units currently held within a Compute North affiliated storage facility, which we anticipate will be released in the coming weeks.\nThe Company continues to work closely with the new site operator to energize the remaining units and with Compute North's bankruptcy team to secure the miners' release from storage as quickly as possible.\nMiner Delivery Update\nIn December, approximately 11,850 S19J Pro 104T miners were shipped to the Company in accordance with the amended terms of the Company's contract with a vendor. Subsequent to the end of December, the miners were landed and cleared customs.\nCore Scientific Update\nAs disclosed in the Company's third quarter report, Sphere 3D filed an arbitration request against Core Scientific (\"Core\") on i...