Business
Sphere 3D Corp. Provides July 2024 Update
Stamford, Connecticut--(Newsfile Corp. - August 19, 2024) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D"), a Bitcoin mining company, is providing a strategic
About this update from Sphere 3d Corp.
[{"type":"text","content":"Stamford, Connecticut--(Newsfile Corp. - August 19, 2024) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\"), a Bitcoin mining company, is providing a strategic and operational update for July 2024.\nKey Highlights:\n\n\nFirst batch of Antminer S21 fleet upgrade has arrived\n\n\n16.8 Bitcoin mined in July 2024\n\n\nMonth-end deployed hash rate was 1.2 EH/s\n\n\n\n\n\nMetrics\nJuly 2023\nJune 2024\nJuly 2024\n\n\nBitcoin Mined\n59.8\n20.4\n16.8\n\n\nBitcoin Sold\n70.1\n15.7\n22.0\n\n\nMining Revenue\n$1.8 million\n$1.4 million\n$1.0 million\n\n\nBitcoin Holdings\n10.2\n7.2\n2.0\n\n\nDeployed Miners\n~10,240\n~11,400\n~11,200\n\n\nMonth End Deployed Hash Rate (EH/s)\n1.1 EH/s\n1.2 EH/s\n1.2 EH/s\n\n\n\n \nStrategic Update:\nWe continue to proactively focus on the company's future growth through operational growth and strategic partnerships:\n\nAs previously announced, our plan is to gradually take older machines offline and replace them with the latest generation models throughout the remainder of the year. We are progressing with our fleet refresh by taking delivery of our first order of Bitmain Antminer S21s, which began hashing in July. Our partners continue to assist with the divestiture of our older-generation fleet, while also providing the Company with all buying options for additional Bitmain Antminer S21s which the team is currently evaluating.\n\n\nWith a concentrated goal of merging with a company focused on vertical integration, we are in the process of continuing discussions with several potential partners.\n\nCEO Comments\n\" We are excited to announce our first batch of S21s have arrived and are energized. We energized .1 EH/s of Bitmain Antminer S21s to our fleet, and they are presently hashing in Iowa. We anticipate the arrival of more S21s at the end of August. Our targeted M&A pursuits focusing on infrastructure is progressing. We are being very methodical and diligent.\" explains Patricia Trompeter, CEO of Sphere 3D. She adds, \"We are looking forward to a transformative 3rd quarter.\"\nProduction\nAs mentioned we added .1 EH/s to our fleet in the form of Bitmain Antminer S21s. As we continue to \"swap out the fleet\" in batches, older machines will come offline to make room at our hosting partners for new generation equipment. As we have learned over the years, slow and steady wins the race.\nOur Grandbury TX hos...