Business
Sphere 3D Corp. Provides May 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - June 13, 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. - June 13, 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 May 2023.\nKey Highlights:\n\n77.7 Bitcoin were mined in May, up 118% from April and up 518% year-over-year\nMonth-end operating hash rate increased to 1.0 EH/s\nOperations achieved 92.1 BTC/EH efficiency\nUptime was 89%\n\n\n\n\nMetrics\nMay 2022\nApril 2023\nMay 2023\n\n\nBitcoin Mined\n12.6\n35.6\n77.7\n\n\nBitcoin Sold\n0.0\n41.3\n70.9\n\n\nMining Revenue*\n$0.4 million\n$1.0 million\n$2.1 million\n\n\nBitcoin Holdings\n37.0\n25.7\n22.3\n\n\nDeployed miners\n~1,000\n~4,330\n~9,995\n\n\nMonth End Deployed Hash Rate (EH/s)\n100 PH/s\n0.4 EH/s\n1.0 EH/s\n\n\n\n \n*Unaudited\nCEO Comments\n\"In May, we mined a record 77.7 Bitcoin and energized an additional 5,663 Bitmain S19J Pros at our hosting partner sites to reach a total of 1.0 EH/s by month-end,\" said Patricia Trompeter, CEO of Sphere3D. \"By the end of June, we expect to be close to completing our near-term goal of 1.3 EH/s installed hash rate by energizing an additional 2,400+ miners that are currently in-transit and are expected to arrive at our hosting sites within the next few weeks. Once all 1.5 EH/s are fully operational in the month following, we expect to be delivering positive operating cash flows on a run-rate basis at current market levels.\"\nLitigation Update\nCore Scientific - As 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. With recent publicly filed documents, it appears that Core is closer to stabilizing their operations. The Company continues to work with their litigators and the US Bankruptcy court to monitor the progress. Sphere 3D has engaged counsel and relentlessly pursuing every available option to recover its funds.\nCompute North - The Company continues to work with Compute North and their bankruptcy lawyers for the return of their deposit thr...