Business
Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for January 2023
Grew production by 111% month over month to 37.84 Bitcoin Operations achieved 108.9 BTC/EH efficiency Toronto, Ontario--(Newsfile Corp. - February 17, 2023)
About this update from Sphere 3d Corp.
[{"type":"text","content":"\nGrew production by 111% month over month to 37.84 Bitcoin\nOperations achieved 108.9 BTC/EH efficiency\n\nToronto, Ontario--(Newsfile Corp. - February 17, 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 January 31, 2023.\nCEO Comments\n\"January was another pivotal month for Sphere 3D, with the receipt of approximately 11,000 miners and a long-awaited boost in the price of bitcoin. Once fully deployed and hashing, Sphere 3D's fleet will total approximately 15,000 units, with a production capacity of over 1.6 EH/s.\n\"We have started the new year with momentum. We have several thousand miners which are ready to be deployed pending the finalization of definitive hosting agreements. In January, we saw the price of bitcoin rise and sustain prices over $20,000. We have taken advantage of this market upswing and have liquidated the majority of our previously mined bitcoin holdings. Last year was challenging for the industry, however we believe that the market will start to stabilize in the first quarter. Our team is working diligently to ensure all miners are deployed and hashing by the end of the first quarter.\"\nCompute North Update\nIn January 2023, all 3,336 miners at the Wolf Hollow site were energized. We expect that they will continue hashing. We continue to work with Compute North for the return of our deposit through the Chapter 11 process.\nMiner Delivery Update\nIn January, approximately 11,850 S19J Pro104T miners landed and cleared customs in accordance with the amended terms of the Company's contract with a vendor. We expect deployment to hosting partners pending the execution of definitive agreements in the coming weeks.\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 available option to recover its fund...