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Sphere 3D Corporation (NASDAQ: Any) (“Sphere 3D” or the “Company”) is dedicated to becoming a leading carbon-neutral Bitcoin mining company operating on an industrial scale and is a Bitcoin Mining Company for the month ending November 30, 2022 We provide business results.
President’s comment
“November was a significant month for Sphere 3D. With the announcement of the restructuring of the BitFuFu contract, thousands of new miners are expected to be delivered and activated. BitFuFu has over 11,000 We are shipping miners to the U.S. and they are due to arrive, powering up these machines will dramatically increase our production capacity.
“In parallel, we are working closely with the new operator of the Wolf Hollow site to power approximately 3,336 installed miners. These miners will start hashing in the next few days and are doing everything possible to accelerate their activation,” said Patricia, CEO of Sphere 3D. Trompeter said.
“At the macro level, our focused strategy will ensure that we are well-positioned to take advantage of increased production capacity when the market recovers. So next month will bring about a change.”
Calculate north update
As previously disclosed, the company shipped 4,026 miners to Compute North before filing for bankruptcy. About 3,336 miners from that order were installed at what was formerly known as his Wolf Hollow site on Compute North. These miners are expected to gain vitality in the coming days. The rest of the approximately 690 miners remain at Compute North’s storage facility, awaiting a decision by the bankruptcy court or hearing from Compute North. We are in constant contact with new operators and will continue to keep them in touch so they can access miners at our Compute North facility.
BitFuFu minor update
Approximately 11,850 S19J Pro 104T miners are in transit to the US from suppliers as a result of a restructured purchase agreement with BitFuFu. Delivery he is scheduled for January and there will be no holiday-related delays. Given the financial and geographic challenges plaguing the industry due to energy and cryptocurrency market volatility, we are looking at diverse hosting strategies.
Bitcoin production and holdings update
In November 2022, Sphere 3D produced 10.28 Bitcoins, or 0.34 Bitcoins per day. Sphere 3D’s mining fleet operated at an efficiency of 105.2 BTC/EH, with an average monthly utilization rate of about 98%. Based on the November 30, 2022 Bitcoin price of $17,142, the company’s approximation of his November 2022 output was a total of $179,107. Daily production is flat compared to October 2022.
Since we started mining operations in the first quarter of 2022, we have produced 113.08 Bitcoins and held 90.34 Bitcoins on November 30, 2022. Our Bitcoin holdings represent a fair market value of approximately $1.6 million based on the Bitcoin price of $17,420. As of November 30, 2022, the Company had approximately 1,000 S19j Pros miners in operation, providing a production capacity of approximately 100 PH/s.
We continue to adopt a HODL strategy for the majority of our holdings. The company used about 4.86 bitcoins in a month to raise working capital.
Bitcoin production and holding
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Corporate update
On November 8, 2022, the company will Agreement with Hartford Advisors. Cancellation of 36,000 shares, or 37.5%, of Sphere 3D Series H Preferred Stock without payment of cash consideration. Series H Preferred Stock will be issued to The Hartford pursuant to a purchase agreement dated July 31, 2021, each convertible into 1,000 shares of common stock. The termination of shares will significantly reduce the dilutive effect of the Series H Preferred Stock on holders of our common stock. Hartford owns 60,000 of his non-voting, non-dividend Series H preferred stock.
The conversion of the Series H Preferred Stock to common stock is subject to approval by Sphere 3D stockholders at the Company’s Annual General Meeting (AGM) scheduled for December 20, 2022, subject to conditions contained in the Company’s Articles of Incorporation. follow. As part of the agreement, Hartford and other designees have agreed to certain customary vote-and-stop clauses for the period ending 45 days after his 2023 AGM of the Company.
In November, Sphere 3D moved to further strengthen its board of directors. A veteran senior executive at a major financial firm, fintech expert and digital adviser and mentor to her startups, and advocate for women leaders and women-led businesses, Susan Her Harnett has joined the company as an independent director. joined the board of directors.
David Danziger (CPA, CA) will be elected to the Board of Directors of AGM for Sphere 3D. Mr. Danziger brings his 42 years of experience in completing significant transactions and assisting with complex accounting and regulatory matters as an audit partner and compliance advisor for multiple publicly traded companies. He has served on the boards of publicly traded companies in the traditional mining and fintech industries.
CEO closing remarks
“We continue to navigate the industry upheaval, Bitcoin downturn and challenges that affect all crypto mining companies. We will not be exposed to bankruptcies of companies that do business,” he added. Trompetter.
“The key to ensuring Sphere 3D’s success over the coming months is to maintain a conservative strategy combined with prudent growth. We are currently navigating a compressed cryptocurrency business cycle. and is in a good position to finally take advantage of it.”
annual meeting
The Sphere 3D Annual Meeting will take place virtually on December 20, 2022. docs.tsxtrust.com/2040 Under our SEDAR and EDGAR profiles www.sedar.com When www.sec.gov, Respectively. On or about November 18, 2022, materials were sent to shareholders of record of November 8, 2022.
About Sphere 3D
Sphere 3D Corporation (NASDAQ: Any) is a virtually carbon-neutral cryptocurrency miner with decades of proven enterprise data services expertise. We are rapidly growing our industrial-scale mining business through capital-efficient procurement of next-generation mining equipment and partnerships with best-in-class data center operators. Sphere 3D is dedicated to enhancing shareholder value while respecting our commitment to rigorous environmental, social and governance standards. For more information about the company, please visit Sphere3D.com.
Forward-Looking Statements
This notice 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. “may”, “will”, “should”, “expect”, “plan”, “expect”, “could”, “intend” as the case may be You can identify forward-looking statements by including words such as “target”, “plan”, “contemplate”, “believe”, “estimate”, “predict”, “probability”, “continue” or any negative form of these words or other similar terms or expressions. Our expectations and beliefs regarding the matters described herein may not be realized and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. I have. Forward-looking statements contained in this communication may be made in connection with Sphere 3D’s filings with the SEC, including Sphere 3D’s reports filed on Forms 20-F and 6-K, and Sphere 3D with the SEC from time to time at www. Available at sec.gov. These forward-looking statements are based on current expectations and are subject to change.
sphere 3d contact
NMN Advisor
[email protected]
Kurt Kalbfleisch, CFO, Sphere 3D
[email protected]
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