Business
Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for February 2023
Production remained stable month over month at 35.06 bitcoin Operations achieved 90.6 BTC/EH efficiency Uptime was 89% Toronto, Ontario--(Newsfile Corp. -
About this update from Sphere 3d Corp.
[{"type":"text","content":"\nProduction remained stable month over month at 35.06 bitcoin\nOperations achieved 90.6 BTC/EH efficiency\nUptime was 89%\n\nToronto, Ontario--(Newsfile Corp. - March 16, 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 ended February 28, 2023.\nCEO Comments\n\"February was a game changing month for Sphere 3D. We successfully found homes for, and began deploying, the majority of the 11,000+ miners we received in January. We forged new partnerships with hosting providers in record time to fill the gap left by the December 2022 Core Scientific ('Core') bankruptcy. With the miners currently being deployed in March and April, our fleet is expected to be fully homed, and upon energization, we expect to be at approximately 1.5 EH/s.\"\nCompute North Update\nWe continue to work with Compute North and their bankruptcy lawyers for the return of our deposit through the Chapter 11 process. On February 24, 2023, we filed our financial claim with the US Bankruptcy Court which included our deposit plus additional claims from January 13, 2023, the contract rejection date, while we continue to work within the Chapter 11 process to recover our funds.\nMiner Delivery Update\nWe have begun deployment to several hosting partners for March and April energization. We deployed 2,400 miners to Lancium Mining at their Texas Facility. Lancium has the latest state of the art technology in immersion mining. We are in discussions with an another hosting provider to place 5000+ miners which we expect to be hashing in the next 30-45 days, as well as in definitive agreements to place another 2000+ miners. With the deployments above, we will have successfully placed the majority of our current fleet.\nCore Scientific Update\nAs previously disclosed by the Company, Sphere 3D filed an arbitration request against Core Scientific (\"Core\") on its claim for the non-refunded portion of the Company's advanced deposits. Core subsequently filed for restructuring under Chapter 11 on December 21, 2022, citing burdensome debt obligations as a result of rising energy prices and the decline in the price of bitcoin. Sphere 3D has engaged counsel and is vigorously pursuing every avail...