Business
Sphere 3D Corp. Provides November 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - December 5, 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. - December 5, 2023) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\" or the \"Company\"), dedicated to becoming the leading carbon-neutral Bitcoin mining company is providing results of its Bitcoin mining operation for Nov 2023.\nKey Highlights:\n\n71.7 Bitcoin mined in November, up 4% from October and up 596% YoY.\nMonth-end operating hash rate was 1.3 EH/s, flat from October and up 13X YoY.\nUptime was 86%.\n\n\n\n\nMetrics1\nNov 2022\nOct 2023\nNov 2023\n\n\nBitcoin Mined\n10.3\n69.2\n71.7\n\n\nBitcoin Sold\n4.9\n74.3\n65.0\n\n\nMining Revenue*\n$0.2 million\n$2.0 million\n$2.6 million\n\n\nBitcoin Holdings\n90.3\n11.4\n18.1\n\n\nDeployed Miners\n~1,000\n~12,450\n~12,800\n\n\nMonth End Deployed Hash Rate (EH/s)\n100 PH/s\n1.3 EH/s\n1.3 EH/s\n\n\n\n \n*Unaudited\n1 - Includes Sphere 3D assets temporarily custodied by Gryphon related to the terminated MSA\nCEO Comments\n\"In November 2023, we mined 71.7 Bitcoin, representing a 596% increase year-over-year and a 4% increase from October 2023,\" said Patricia Trompeter, CEO of Sphere 3D. \"We are seeing consistently higher production due to a reduction in curtailment at our hosting sites. We installed an additional 1,000 miners in November, 350 of which were tested and energized. The remaining miners should come online in December and we should see the results in the coming months. As curtailments continue to improve we should be earning at full capacity. We are looking at various options on the market to maximize earning power and efficiency of our machines.\"\nCore Scientific Update\nAs previously disclosed by the Company, on October 31, 2022, the Company filed an arbitration request against Core Scientific, Inc. asserting various claims, including breach of contract and conversion. In December 2022, Core Scientific, Inc. and certain of its affiliates (collectively, \"Core\") filed for Chapter 11 bankruptcy. In connection with the bankruptcy proceeding, Sphere 3D has filed proofs of claim against Core as part of a contested matter (the \"Contested Matter\"). On May 9, 2023, Core filed objections to Sphere 3D's proofs of claim in the Contested Matter.\nOn June 9, 2023, Core filed a motion for summary judgment seeking the summary dismissal of Sphere 3D's claims in the Contested Matter. On August 7, 2023, the bankruptcy court held a hearing on the m...