Sphere 3D (ANY) announces mining operation produced 12.57 Bitcoin in May

Sphere 3D Corp. ("Sphere 3D" or the "Company") (Nasdaq: ANY), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation as of May 31, 2022.

CEO Comments

"Our primary focus is growing our mining operations. Our fleet of S19j Pros is producing as expected, and we are deploying our new miners as rapidly as possible. We are laser-focused on executing our strategy of becoming a leading carbon-neutral Bitcoin mining company," said Patricia Trompeter, CEO of Sphere 3D. "The executive team and Board of Directors continue to evaluate options for the long-term financing of our fleet. Current geopolitical and financial issues have delayed our efforts as banks and institutions grapple with the potential outcome of higher inflation and the uncertain economic outlook.

"We feel confident that Bitcoin valuations will soon stabilize after being negatively impacted by the prolonged volatility of global markets. The markets now appear to be normalizing, and we expect Bitcoin valuations to move higher in the coming months," said Ms. Trompeter. "The cryptocurrency mining industry continues to be challenged by increasing energy prices and the lack of available space for miners during the second quarter. We are working with our partners to identify ways to respond and adjust to these challenges."

Bitcoin Production and Holdings Update

From May 1, 2022, through May 31, 2022, Sphere 3D's mining operation produced 12.57 Bitcoin, or 0.41 Bitcoin daily. Production increased approximately two percent over the 12.35 coins produced in April 2022. The equivalent approximate valuation of the Company’s production, based on a Bitcoin price of $31,792 on May 31, 2022, totaled $13,000 per day and $400,000 for the month.

Since the Company began its mining operations during the first quarter of 2022, it has produced 43.07 coins and held 37.05 Bitcoin on May 31, 2022. This represented a valuation of about $1,180,000 based on the Bitcoin price of $31,792 on May 31, 2022.

Miner Deliveries and Petahash Capacity

As of May 31, 2022, the Company was operating approximately 1,000 S19j Pros miners delivering a production capacity of about 100 PH/s. Sphere 3D operated at 130 BTC/EH efficiency in May and averaged 99.5 percent uptime.

The Company’s May 2022 shipment of about 2,000 miners is currently in transit and, due to supply chain delays, is expected to arrive in mid-June, depending on port congestion. Once received, the miners will be put into production as quickly as possible. All miners may not be operational during the month received.

NuMiner Global, Inc. has not yet delivered the pre-production miners as set forth in its agreement with the Company. The 30-day testing period expires on June 30, 2022, at which time Sphere 3D will have the option of canceling its contract with NuMiner without penalty.

Corporate Update

On May 31, 2022, Sphere 3D named Timothy P. Hanley, a veteran financial executive with extensive experience advising companies on strategy creation and execution, to its Board of Directors as an independent director and the Chairman of the Board's Audit Committee. The Company will leverage Tim's financial insights and perspectives as it executes the Company's strategy to be a leader in the cryptocurrency and blockchain industries.

The addition of Mr. Hanley brings Sphere 3D's Board to four directors, three of whom are independent. In April 2022, the Company announced that it would expand its Board to five members. A search is ongoing for an additional board member.

You May Also Be Interested In

• ConectivGlobal launches ConeqtX and MyLife Wellness platforms
• AIAI Holdings launches AI integration framework for acquired companies
• ARS Pharmaceuticals cuts 2026 expenses after no new neffy coverage gains