UPDATE: Sphere 3D (ANY) Makes $85M Payment Towards New Order of 60,000 BTC Antminers

September 21, 2021 5:41 AM EDT
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(Updated - September 21, 2021 7:38 AM EDT)

Sphere 3D Corp. (NASDAQ: ANY) a company delivering containerization, virtualization, and data management solutions, announces that it made a US$85 million payment towards its previously announced purchase order for 60,000 bitcoin mining rigs ("miners").

The company has purchased 60,000 Antminer S19j Pros, currently considered the industry leading miner, which will commence delivery in November of 2021. After certain adjustments to the original miner model mix, Sphere 3D will now be taking delivery of additional capacity from what was previously reported; with a total of 6.0 exahash of capacity once these deliveries are completed. In addition, upon the closing of the Gryphon Digital Mining merger1, the combined companies will have a total capacity of 6.7 exahash, which is capable of producing in excess of 1,300 bitcoin per month, based on current difficulty rates2.

"We have raised in excess of US$200 million dollars over the last few weeks and are deploying a portion of that capital towards our initial purchase of miners in order to establish ourselves as a top miner in the industry," says Peter Tassiopoulos, Sphere 3D's CEO. Adding "With the first miners up and running at Gryphon and a total of 7,200 being delivered to them, the combined company has 67,200 state of the art machines in que for delivery, which will make us one of the top miners measured by exahash in the industry."

"We are very excited to be supplying Sphere with our fastest model mining rigs and support Sphere's goal of becoming the largest carbon neutral miner in the world," commented Leo Lu, CEO of BitFuFu Technology, the global strategic arm of Bitmain.

1As previously announced, the company has entered into an Agreement and Plan of Merger with Gryphon Digital Mining ("Gryphon") which is anticipated to close in the 4th Quarter of 2021.

2 Calculation is based on the operation of 67,200 miners with approximately 6.7 exahash operating at a combined network hashrate of 133.7 exahash.

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