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Sphere 3d | 8-K: Current report

SEC announcement · Mar 25 13:09

ANY -1.85%

Summary by Moomoo AI

Sphere 3D Corp., a Bitcoin mining company, has released its production and operation updates for February 2024. The company mined 40.3 Bitcoin during the month, marking a 15% increase from the previous year. Despite this growth, the mining operation faced challenges as the month-end operating hash rate remained flat at 1.2 EH/s due to machine transfers, and uptime was only 60%. The company also reported a decrease in Bitcoin mined compared to January 2024, attributing the decline to technical issues at their hosting partner's facility in Springfield, MO. Sphere 3D is actively seeking resolutions and is in discussions to refresh its mining fleet and explore potential merger opportunities. The company has engaged Fabiano Consulting to assist with these initiatives. Additionally, Sphere 3D has terminated its Master Services Agreement with Gryphon Digital Mining, Inc., which is expected to increase gross profit by 22.5%. Following the termination, Sphere 3D filed a conversion claim to secure the return of its Bitcoin from Gryphon, which resulted in Gryphon returning $1.2 million in cash to Sphere 3D. The company is evaluating the return and considering whether to continue legal action. Sphere 3D emphasizes its commitment to shareholder value and adherence to strict environmental, social, and governance standards.

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This announcement is a separate document:

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