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Sphere 3D Corp. (NASDAQ: EVERY) reports Bitcoin mining results for the month ending December 31, 2022.
“December was transformative for Sphere 3D from start to finish and included the adoption of nearly 12,000 miners from BitFuFu, a successful annual general meeting, and the long-awaited power-up of miners at Wolf Hollow. Sphere 3D’s fleet was fully commissioned and hashed to production capacity. There will be about 17,000 units over 1.7 EH/s.
“We’re excited about the progress made in December and plan to carry that momentum into the new year. While there were many accomplishments for the company, the mining industry continued to struggle in December with a further downturn in the mining economy and additional bankruptcy filings. It’s been a tough year for the industry, but Sphere The 3D team continues to work hard through 2023 to ensure a strong finish in 2022.”
Calculate the north update
As of December 2022, Wolf Hollow, formerly owned by Compute North, has more than 3,600 miners installed, of which about 2,700 have started hashing, while the rest are waiting to be powered up due to provider delays. In addition, approximately 700 units are currently held in storage associated with Compute North, and we expect them to be released in the coming weeks.
The company continues to work closely with the new site operator to power the remaining units and with Compute North’s bankruptcy team to ensure miners are released from storage as quickly as possible.
Miner Delivery Update
In December, approximately 11,850 S19J Pro 104T miners were shipped to the Company under the revised terms of the Company’s vendor agreement. After the end of December, the miners were landed and cleared through customs.
Basic Science Update
As disclosed in the Company’s third quarter report, Sphere 3D has filed an arbitration request against Core Scientific (“Core”) regarding the Company’s claim for an unreturned portion of its advanced deposits. Core subsequently filed for Chapter 11 restructuring on December 21, 2022. Sphere 3D has engaged counsel and is aggressively pursuing all available options to recover their funds.
Annual General Meeting Update
On December 20, 2022, the Company successfully held its annual general meeting of shareholders. Shareholders voted to expand the Board to six members, and the Board now includes a wide range of finance, fintech and blockchain technology experts whose leadership is expected to be valuable to the management team as the company executes its 2023 growth strategy. outside.
Other matters resolved by the shareholder vote include the approval of the appointment of MaloneBailey LLP as Sphere 3D Corp.’s auditors for fiscal year 2023 and the approval of the Hertford Transaction Proposal.
Bitcoin production and holdings update
In December 2022, Sphere 3D produced 17.93 Bitcoins or 0.58 per day. Sphere 3D’s mining fleet ran at an efficiency of 113.3 BTC/EH and averaged around 80 percent uptime for the month. Based on a December 31, 2022 Bitcoin price of $16,510, the equivalent estimated cost of the Company’s December 2022 production was $296,024. The daily production volume has increased by 74 percent compared to November 2022. Severe weather in North America at the end of December caused short-term downtime at each of our hosting sites.
The company has produced 131.01 bitcoins since it began mining operations in the first quarter of 2022 and held 103.01 bitcoins as of December 31, 2022. The bitcoin held by the company represents a fair market value of approximately $1.7 million based on a Bitcoin price of $16,510. By 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.
During December 2022, the Company used the HODL strategy for most of its holdings. The company used about 4.30 Bitcoins during the month to fund its working capital.
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Closing speech from the CEO
“We are excited to welcome 11,850 miners and expect them to be installed and hashed in the first quarter of 2023. With the completion of our initial fleet deployment, Sphere 3D continues to evaluate new opportunities to increase value through the new system year.”
About Sphere 3D
Sphere 3D Corp. (NASDAQ: EVERY) is a carbon-neutral cryptocurrency miner with decades of proven track record in enterprise data services. The company is expanding its industrial-scale mining operations through capital-efficient acquisitions of next-generation mining equipment and partnerships with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while fulfilling its commitment to strict environmental, social and governance standards. Apply for more information about the company Sphere3D.com.
This information contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. 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 as they include “may,” “will,” “should,” “expect,” “plans,” “anticipate,” “could,” “intend,” “target “, “projects”, “thinks”, “believes”, “estimates”, “forecasts”, “potential” or “continue” or the negative of these words or other similar terms or expressions. Expectations and beliefs related to 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 from those projected. The forward-looking statements contained in this information are also subject to other risks and, including those described in more detail in filings with the SEC, including Sphere 3D’s reports on Form 20-F and Form 6-K and other filings made by the company. subject to uncertainties. 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 may change.
Sphere 3D Contacts
Kurt Kalbfleisch, CFO, Sphere 3D
Please refer to the source version of this press release https://www.newsfilecorp.com/release/150976