Sphere 3D Corp Announces Mining Expansion Plans

Sphere 3D Corporation, an industrial company focused on becoming the leading carbon-neutral bitcoin mining operator, has provided an update on its bitcoin mining operation for February 2023. The company successfully deployed homes for the majority of the 11,000+ miners it acquired in January, with miners being deployed in March and April. When fully operational, Sphere 3D’s fleet is expected to have approximately 1.5 EH/s.

Sphere 3D has deployed 2,400 miners to Lancium’s Texas facility and is in discussion with another hosting provider to house 5,000+ miners expected to be hashing in the next 30-45 days. The company also reached a definitive agreement to house an additional 2,000+ miners. With these deployments, the majority of Sphere 3D’s current fleet will be successfully installed.

In February 2023, Sphere 3D produced 35.06 bitcoins or 1.25 per day, with its mining fleet operating at 90.6 BTC/EH efficiency. During February, the company employed a hybrid strategy of liquidation for rising bitcoin prices and HODL, liquidating 41.45 bitcoin during the month. As of February 28, 2023, the company was operating approximately 4,330 S19j Pro miners with a production capacity of around 433 Ph/s.