Sphere 3D (ANY) and Gryphon Digital Mining Announce Purchase of $48M Worth of Mining Machines

Gryphon Digital Mining which recently announced that it has entered into a merger agreement with Sphere 3D (Nasdaq: ANY), today announced it has entered into an agreement to purchase 7,200 Antminer S19J Pro mining machines from Bitmain Technologies Limited ("Bitmain") for an aggregate purchase price of $48 million.

The agreement relating to the purchase of the S19J Pro miners represents a significant step forward in Gryphon Digital Mining's strategic initiative to increase its Bitcoin hash rate, while simultaneously maintaining a zero carbon footprint. The S19J Pro is the latest model from Bitmain that is scheduled for release this summer. The new miner boasts a maximum hash rate of 100 TH/s combined, with an industry-leading energy efficiency ratio of 29.5 J/TH, and an expected life cycle of over five years.

Bitmain is scheduled to deliver 600 miners on a monthly basis to Gryphon, with the first delivery starting next month in August 2021. The entry into this purchase agreement will provide Gryphon with a significant total hash rate, and the company's fleet of high-efficiency miners will be a part of the only cryptocurrency mining operating with a 100% renewable energy supply.

"We are happy to provide Gryphon with Bitmain's latest next-gen miners, the Antminer S19j Pro. Gryphon's zero carbon footprint demonstrates their long-term initiative with being involved in the digital currency mining sector. We are confident that Gryphon will continue to expand their business and provide reliable and low-cost mining. We look forward to our continued cooperation with them in the future as they expand their operations," said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain.

This purchase agreement is considerably important as Gryphon Digital Mining demonstrates its ability to work with key industry partners, and its focus on achieving the goal of becoming a market leader by providing zero carbon emitting, reliable, low-cost mining.

In addition to this Bitmain order and its growing hashing power, Gryphon has partnered with one of the largest digital currency data centers in the world to access electricity costs as low as $0.013/kWh, with access to liquid immersion technology shown to extend the life of mining machines by at least 20 percent.

To learn more about Gryphon, please visit https://gryphondigitalmining.com/.

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