Sphere 3D Corp. provides Bitcoin production and mining updates for December 2022

[ad_1]

Increase in production capacity by approximately 267%

Production increased 74% month over month to 17.93 bitcoins

Bitcoin holdings totaled 103.01 at the end of the month

Operations reached an efficiency of 113.3 BTC/EH

Toronto, Ontario–(Newsfile Corp. – January 11, 2023) – Sphere 3D Corp. (NASDAQ: ANY) (“Sphere 3D” or the “Company”), Dedicated to Becoming the Leading Carbon Neutral Mining Company Operating on an Industrial Scale, Provides Results for its Bitcoin Mining Operation for the Month Ending December 31, 2022 .

CEO Comments

“December was transformative for Sphere 3D from start to finish, and included hosting approximately 12,000 miners from BitFuFu, a successful Annual General Meeting, and the long-awaited energizing of miners in Wolf Hollow. , the Sphere 3D fleet will total nearly 17,000 units with a production capacity of more than 1.7 PE/s.

“We are excited about the progress made in December and plan to build on this momentum in the new year. While there were many achievements for the company, the mining industry continued to struggle in December with the continued decline of the mining economy and additional bankruptcy filings. This has been a tough year for the industry, but the Sphere 3D team continues to work diligently through 2023 to build on its strong finish in 2022.”

Compute North Update

As of December 2022, over 3,600 miners have been installed at the Wolf Hollow site, formerly owned by Compute North, of which nearly 2,700 have started hashing, with the rest waiting to be powered up due to a backlog. from the supplier. Additionally, approximately 700 units are currently held in a storage facility affiliated with Compute North, which we believe will be released in the coming weeks.

The Company continues to work closely with the new site operator to energize the remaining units and with Compute North’s bankruptcy team to ensure the release of miners from storage as quickly as possible.

Minor Delivery Update

In December, approximately 11,850 S19J Pro 104T miners were shipped to the Company under the amended terms of the Company’s contract with a supplier. After the end of December, the miners were landed and cleared.

The story continues

Basic Science Update

As disclosed in the Company’s third quarter report, Sphere 3D has filed a request for arbitration against Core Scientific (“Core”) regarding its claim for the unreimbursed portion of the Company’s deposits. Core then filed for Chapter 11 restructuring on December 21, 2022. Sphere 3D has retained counsel and is vigorously pursuing all available options to recover its funds.

Annual General Meeting Update

On December 20, 2022, the Company successfully held an annual general meeting of shareholders. Shareholders voted to expand the board of directors to six members and the board is now made up of several financial technology, fin-tech and blockchain experts whose advice should be invaluable to the management team as the company executes its growth strategy for 2023 and beyond.

Other matters addressed by the shareholder vote included approving the appointment of MaloneBailey LLP as auditors of Sphere 3D Corp. for fiscal year 2023 and approval of Hertford’s proposed transaction.

Bitcoin Production and Holdings Update

In December 2022, Sphere 3D produced 17.93 Bitcoin or 0.58 per day. Sphere 3D’s mining fleet operated at an efficiency of 113.3 BTC/EH and saw an average uptime of around 80% during the month. The approximate equivalent value of the Company’s December 2022 production, based on a Bitcoin price of $16,510 as of December 31, 2022, totaled $296,024. Daily production volume increased by 74% compared to November 2022. Inclement weather in North America in late December caused brief outages at each of our hosting sites.

Since the company began mining operations in the first quarter of 2022, it has produced 131.01 bitcoins and held 103.01 bitcoins as of December 31, 2022. The bitcoins held by the company represent a fair market value of approximately 1 $.7 million based on bitcoin price of $16,510. on December 31, 2022. As of December 31, 2022, the Company operated approximately 3,665 S19j Pros miners delivering a production capacity of approximately 370 PH/s.

In December 2022, the Company used a HODL strategy for the majority of its holdings. The company used approximately 4.30 bitcoins during the month to fund working capital.

Figure 1

Can’t see Figure 1? Visit: https://images.newsfilecorp.com/files/1705/150976_graph_550.jpg

CEO Closing Remarks

“We were thrilled to receive all 11,850 miners and look forward to installing and hashing them in the first quarter of 2023. With the near completion of the deployment of our initial fleet, Sphere 3D continues to evaluate new opportunities accretive to generate value through the new year.”

About 3D Sphere

Sphere 3D Corp. (NASDAQ: ANY) is a carbon-neutral cryptocurrency miner with decades of proven expertise in enterprise data services. The company is growing its industrial-scale mining business through capital-efficient sourcing of next-generation mining equipment and partnerships with top-tier data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social and governance standards. For more information about the company, please visit Sphere3D.com.

Forward-looking statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “intends”, “targets”, “plans”, “intends”, “believes”, “estimates”, “predicts”, “potential” or “continues” or the negative form of these or other words similar terms or expressions. Expectations and beliefs regarding the matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially. forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those described in more detail in SEC filings, including Sphere 3D’s reports filed on Forms 20 -F and 6-K and in other documents s filed by Sphere 3D with the SEC from time to time and available at www.sec.gov. These forward-looking statements are based on current expectations, which are subject to change.

3D Sphere contacts

Kurt Kalbfleisch, CFO, Sphere [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150976

[ad_2]