Toronto, Canada-based Sphere 3D Corp. (ANY) provides data management and desktop and application virtualization solutions. Last year, ANY agreed to merge with Gryphon Digital Mining Inc., a privately held company that is focused on mining bitcoin using renewable energy. ANY aims to position itself as an industry-leading bitcoin miner with a zero-carbon footprint. However, the merger was delayed due to its complicated nature and is expected to close in the first quarter of this year.
ANY is advancing rapidly in the crypto space with significant capacity expansion initiatives. Last week, the company announced its agreement to purchase 60,000 units of new NM440 bitcoin miners from NuMiner Global, Inc., the exclusive distributor for all NuMiner Technologies Inc. products. ANY had previously contracted to purchase 60,000 ANTMINER S19j Pro miners totaling 6.0 EH/s for delivery this year. “The agreement to purchase the NM440 provides us the ability to increase our EH/s capacity on order by 440% over the next 13 months. The NM440 should also increase our overall efficiency, further improving margins and profitability as we scale our mining operations,” said Peter Tassiopoulos, Chief Executive Officer of Sphere 3D. However, the deployment is not expected to begin until June 2022 and extend through February 2023.
