Technology Stocks

Sphere 3D Corp (NASDAQ: ANY) Entered In Agreement With Gryphon Digital Mining

Gryphon Digital Mining entered into a merger agreement with Sphere 3D Corp (NASDAQ: ANY) to purchase a Pro Mining machine.

Sphere 3D seller of Pro mining machines: Gryphon agreement with Sphere 3D to purchase 7,200 Antminer S19J Pro mining machine equipment from Bitmain (Bitmain Technologies Limited) for a consideration of $48 million. This agreement is a significant move by the company (Gryphon) to enhance its Bitcoin hash rate and reduce the carbon footprint to zero. The S19J Pro is the latest invention from Bitmain, expected to come on stream in the current summer season. Bitmain is expected to deliver 600 miners every month, starting from August 2021, to Gryphon, as per the industry news.

Provide Gryphon significant hash rate: It is believed that the agreement will give an edge to Gryphon and provide a fleet of efficient miners, who will be a part of cryptocurrency mining operations with 100% zero carbon footprint (renewable energy supply). With these initiatives, Gryphon is expected to expand their business operation and provide low-cost and reliable mining. Bitmain will continuously look forward to working with Gryphon and providing the service in the future as Gryphon expands its business.

As per the industry, this agreement strengthens Gryphon’s ability in digital mining and the company’s ability to work with the key partners in the industry. Simultaneously, focus on achieving its goal by providing low-cost, reliable mining operations, zero carbon emission norms, and become a market leader in the space. Besides this, the Gryphon has also partnered with a key (one of the largest) player in digital currency data centers globally to source the electricity at $0.013/kWh (one of the lowest costs in the industry). This, coupled with access to liquid immersion technology, can extend the mining machine life by a minimum of 20%. Starting from August 2021 will need to keep an eye on S19J Pro, which is expected to come on stream and operational efficiency.

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