- The Company produced 12.57 Bitcoin in May 2022
- Total Bitcoin holdings grew to 37.05 coins
- Operations achieved 130 BTC/EH efficiency for 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.
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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.
About Sphere 3D
Sphere 3D Corp. (Nasdaq: ANY) is a net carbon-neutral
cryptocurrency miner with decades of proven enterprise
data-services expertise. The Company is rapidly growing its
industrial-scale mining operation through the capital-efficient
procurement of next-generation mining equipment and partnering with
best-in-class data center operators. Sphere 3D has 6.0 EH/s of
capacity under contract for deliveries this year. Currently, the
Company operates a fleet of 1,000 miners and expects delivery of an
additional 59,000 miners by year-end 2022 for a total hashing
capacity of 6.0 exahash. Sphere 3D is dedicated to growing
shareholder value while honoring its commitment to strict
environmental, social, and governance standards. For more
information about the Company, please visit Sphere3D.com.
Forward-Looking
Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended. 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 because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions.
Expectations and beliefs regarding 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 communication are also subject to other risks and
uncertainties, including those more fully described in filings with
the SEC, including Sphere 3D's reports filed on Form 20-F and Form
6-K and in other filings made by 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 are subject to
change.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220602005961/en/
Sphere 3D NMN Advisors
Sphere3d@nmnadvisors.com Kurt Kalbfleisch
Investor.relations@sphere3d.com
Sphere 3D (NASDAQ:ANY)
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