Business
Sphere 3D Corp. Provides June 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - July 17, 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. - July 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 June 2023.\nKey Highlights:\n\n\n65.1 Bitcoin were mined in June, down 16% from May and up 434% year-over-year\n\n\nMonth-end operating hash rate increased to 1.0 EH/s\n\n\nOperations achieved 76.3 BTC/EH efficiency\n\n\nUptime was 86%, down sequentially from May due to curtailments near the end of the month as a result of seasonal high temperatures at our hosting partner sites\n\n\n\n\n\nMetrics\nJune 2022\nMay 2023\nJune 2023\n\n\nBitcoin Mined\n12.2\n77.7\n65.1\n\n\nBitcoin Sold\n0.0\n70.9\n67.2\n\n\nMining Revenue*\n$0.2 million\n$2.1 million\n$1.8 million\n\n\nBitcoin Holdings\n49.2\n22.3\n20.2\n\n\nDeployed Miners\n~1,000\n~9,995\n~9,995\n\n\nMonth End Deployed Hash Rate (EH/s)\n100 PH/s\n1.0 EH/s\n1.0 EH/s\n\n\n\n \n*Unaudited\nCEO Comments\n\"In June, we mined 65.1 Bitcoin,\" said Patricia Trompeter, CEO of Sphere3D. \"Our Bitcoin production decreased in June due to a significant reduction in transaction fees from May and curtailments related to seasonal high temperatures at our Texas and Missouri hosting sites. In June, our hosting site in Texas also experienced operational delays in bringing hash rate online. Subsequently, in early July, another 2,400 miners arrived at our Texas hosting site, which we expect will be energized over the next week, bringing our total hash rate to 1.3 EH/s. Once all 1.5 EH/s are fully operational, we anticipate delivering positive operating cash flows on a run-rate basis at current market levels.\"\nNasdaq Listing Update\nOn July 14, 2023, Nasdaq notified us that Sphere3D has regained compliance with Listing Rule 5550(a)(2) as the closing bid price of its shares were above $1.00 for 10 consecutive days.\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 shareholder value while honoring its co...