Business
Sphere 3D Corp. Provides July 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - August 8, 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. - August 8, 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 July 2023.\nKey Highlights:\n\n59.8 Bitcoin mined in July, down 8% from June and up 367% year-over-year\nMonth-end operating hash rate increased to 1.1 EH/s\nOperations achieved 75.2 BTC/EH efficiency\nUptime was 80%, down from June due to increase in curtailments over the month as a result of record high temperatures at our hosting partner sites\n\n\n\n\nMetrics\nJuly 2022\nJune 2023\nJuly 2023\n\n\nBitcoin Mined\n12.8\n65.1\n59.8\n\n\nBitcoin Sold\n0.0\n67.2\n70.1\n\n\nMining Revenue*\n$0.3 million\n$1.8 million\n$1.8 million\n\n\nBitcoin Holdings\n62.0\n20.2\n10.2\n\n\nDeployed Miners\n~1,000\n~9,995\n~10,240\n\n\nMonth End Deployed Hash Rate (EH/s)\n100 PH/s\n1.0 EH/s\n1.1 EH/s\n\n\n\n \n*Unaudited\nCEO Comments\n\"In July, we mined 59.8 Bitcoin, representing a 367% increase year-over-year and 8% decrease from June.\" said Patricia Trompeter, CEO of Sphere3D. \"The decrease in production from June was due to a significant increase in curtailments related to record high temperatures at our Texas and Missouri hosting sites. Our commitment to both sustainability and operational effectiveness remains resolute despite these natural challenges.\"\nPatricia continued, \"At the end of the month, our hosting partner sites completed installation of an additional 2,400 miners, bringing our total installed hash rate to 1.35 EH/s. Moreover, we are strategically deploying another 1,800 miners across our existing and newly identified hosting sites. This initiative is set to drive our mining capacity up to our target of 1.5 EH/s. Once we reach this milestone, we anticipate it will enable us to generate positive operating cash flows on a run-rate basis at the prevailing market levels.\"\nAbout Sphere 3D\nSphere 3D Corp. (NASDAQ: ANY) is a net carbon-neutral cryptocurrency miner with decades of proven enterprise data-services expertise. The Company is growing its industrial-scale mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to growing shareh...