checkAd

     158  0 Kommentare Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for June 2022

    Sphere 3D Corp. ("Sphere 3D" or the "Company") (Nasdaq: ANY), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation as of June 30, 2022.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220707005840/en/

    (Graphic: Business Wire)

    (Graphic: Business Wire)

    CEO Comments

    “The current political and economic environment is impacting every financial market, including cryptocurrency. In June, the price of Bitcoin fell to a low of about $17,500 according to the Coinbase Exchange, the lowest level since late 2020. Some analysts and pundits speculate that the recent price declines indicate that we are entering a crypto bear market, and some are predicting cryptocurrency prices could remain depressed for an extended period.

    “Even at the current Bitcoin trading price, it is still profitable for Sphere 3D to continue mining. Sphere 3D's mining fleet comprises the most efficient miners currently available, and our favorable energy agreements will enable us to continue producing even if Bitcoin prices slide further. If market conditions persist, companies with less-efficient miners or less-favorable energy agreements could be compelled to produce Bitcoin at a loss or shut down their machines and wait for prices to rebound.

    “Lower crypto prices are already exerting considerable negative pressure on the price of cryptocurrency mining machines. There are reports that manufacturers have large stockpiles of miners that have not been financed, which could put even more downward pressure on the market. Consequently, we are working with our partner BitFuFu Technology ('BitFuFu') to optimize the agreement we entered into and announced in September 2021 to make it more equitable for both organizations.

    “The Sphere 3D team is evaluating every option to ensure our mining operations’ long-term success and drive value for our shareholders. Recent actions by the Federal Reserve to address inflationary pressures have delayed our efforts to secure funding for the balance of our mining fleet at favorable terms. While we will continue to work with banking partners to arrange favorable financing, we do not expect to reach an agreement before the end of the fourth quarter which could result in pushing deliveries of additional miners into the future, which we understand is consistent with the steps taken by other crypto mining companies.”

    Seite 1 von 5


    Business Wire (engl.)
    0 Follower
    Autor folgen

    Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for June 2022 Sphere 3D Corp. ("Sphere 3D" or the "Company") (Nasdaq: ANY), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation as of June 30, 2022. This press …