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Sphere 3D reports 15% increase in February Bitcoin mining

EditorNatashya Angelica
Published 23/03/2024, 07:46 am
© Reuters.
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STAMFORD, CT - Sphere 3D Corp. (NASDAQ: ANY), a company specializing in Bitcoin mining, announced its operational results for February 2024, highlighting a 15% year-over-year increase in Bitcoin mined, totaling 40.3 for the month. Despite this uptick, the company's month-end operating hash rate remained steady at 1.2 EH/s, unchanged from January, due to machine transfers.

The company experienced a mining uptime of 60% for the month. In comparison to the previous year, the number of deployed miners has seen a significant rise, maintaining the count at approximately 12,300, the same as in January 2024. Sphere 3D's Bitcoin holdings at the end of February stood at 23.8, slightly down from 25.8 in January, after selling 42.3 Bitcoin during the month.

Sphere 3D's mining revenue for February was reported at $1.9 million, a decrease from the $2.6 million earned in January 2024. The company attributes the decline in mined Bitcoin to technical issues faced by their hosting partner in Springfield, MO, which led to downtime throughout February.

Sphere 3D CEO Patricia Trompeter expressed the urgency in resolving these technical challenges and mentioned ongoing discussions to refresh part of their mining fleet and potential merger partners.

The company also announced collaboration with Fabiano Consulting to assist with the fleet refresh and the merger and acquisition process, underscoring the value of Amanda Fabiano's expertise in the industry.

Moreover, Sphere 3D provided an update on its previous relationship with Gryphon Digital Mining, Inc. Following the termination of their Master Services Agreement in October 2023, Sphere 3D filed a conversion claim to secure the return of Bitcoin held by Gryphon.

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As of March 21, 2024, Gryphon returned $1.2 million in cash to Sphere 3D, with the company evaluating the return and its impact on the ongoing legal action.

Sphere 3D, with a history in enterprise data services, is expanding its industrial-scale Bitcoin mining operations and emphasizes its commitment to environmental, social, and governance standards. This report is based on a press release statement and contains forward-looking statements that are subject to risks and uncertainties.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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