TORONTO - Sphere 3D Corp. (NASDAQ: ANY), a company striving to lead in carbon-neutral Bitcoin mining, disclosed a 61% year-over-year increase in its Bitcoin mining yield for January 2024, with a total of 61.0 Bitcoins mined. Despite the uptick in production compared to the previous year, the company noted a month-end operational hash rate decline to 1.2 EH/s from 1.3 EH/s in December, attributing the decrease to equipment transfers and an operational uptime of 82%.
The company's January mining revenue was reported at $2.6 million, a drop from December's $3.1 million, with Bitcoin holdings at 25.8, down from 41.2 at the end of the prior month. The number of deployed miners also slightly decreased to approximately 12,300 from around 12,800 in December.
Sphere 3D's CEO remarked on the transition phase, mentioning the transfer of mining machines from Core Scientific, Inc. to a new hosting provider following a legal settlement. The company also faced operational disruptions with Coinmint, pending a resolution with Gryphon Digital Mining, Inc. The CEO expressed optimism about the implementation of new firmware that has shown slight improvements and is scheduled for further testing. Additionally, Sphere 3D is in ongoing discussions with potential merger partners and expects to receive equity associated with the Core litigation settlement soon.
In a previous update, Sphere 3D had terminated its Master Services Agreement with Gryphon in October 2023, anticipating a 22.5% gross profit increase. Sphere 3D is currently awaiting the remittance of approximately 21.6 Bitcoin from Gryphon, believed to be owed to them, and is considering regulatory and legal actions.
Preparing for the upcoming Bitcoin halving, Sphere 3D is exploring growth options, including organic expansion, mergers, acquisitions, and other strategic opportunities, focusing on maintaining operational efficiency.
The information in this article is based on a press release statement.
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