Sphere 3D Corp.
Current geopolitical and financial issues have delayed our efforts as banks and institutions grapple with the potential outcome of higher inflation and the uncertain economic outlook.
“The cryptocurrency mining industry continues to be challenged by increasing energy prices and the lack of available space for miners during the second quarter.
The equivalent approximate valuation of the Company’s production, based on a Bitcoin price of $31,792 on May 31, 2022, totaled $13,000 per day and $400,000 for the month.
Since the Company began its mining operations during the first quarter of 2022, it has produced 43.07 coins and held 37.05 Bitcoin on May 31, 2022.
As of May 31, 2022, the Company was operating approximately 1,000 S19j Pros miners delivering a production capacity of about 100 PH/s.
The Company’s May 2022 shipment of about 2,000 miners is currently in transit and, due to supply chain delays, is expected to arrive in mid-June, depending on port congestion.
The 30-day testing period expires on June 30, 2022, at which time Sphere 3D will have the option of canceling its contract with NuMiner without penalty.
Hanley, a veteran financial executive with extensive experience advising companies on strategy creation and execution, to its Board of Directors as an independent director and the Chairman of the Board’s Audit Committee.
The addition of Mr. Hanley brings Sphere 3D’s Board to four directors, three of whom are independent.
Currently, the Company operates a fleet of 1,000 miners and expects delivery of an additional 59,000 miners by year-end 2022 for a total hashing capacity of 6.0 exahash.
The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the SEC, including Sphere 3D’s reports filed on Form 20-F and Form 6-K and in other filings made by Sphere 3D with the SEC from time to time and available at www.sec.gov.