Sphere 3D sees surge in Bitcoin mining amid legal tussle with Core Scientific By Investing.com
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Sphere 3D Corp., a net carbon-neutral cryptocurrency miner, has reported a significant surge in productivity for its mining operation for September 2023. The company, under the leadership of CEO Patricia Trompeter, mined 63.6 Bitcoins, marking a 9.1% increase from August and a year-over-year (YoY) rise of 473%.
The company’s operating hash rate was consistent at 1.3 EH/s, representing a substantial YoY growth of 13X. Mining efficiency stood at 84.0 BTC/EH with an uptime of 66%, impacted by high temperatures at several sites. These results culminated in mining revenues of $1.7 million from approximately 12,450 deployed miners.
The surge in productivity is attributed to reduced curtailments at the cooler mining sites, with further gains anticipated during the winter months due to lower temperature curtailments.
In addition to its mining success, Sphere 3D is currently involved in a legal dispute with Core Scientific over breach of contract and conversion claims following Core’s Chapter 11 bankruptcy filing. Despite Core’s attempt to dismiss Sphere’s claims summarily, the bankruptcy court denied the motion, setting up a merits hearing for early 2024.
Simultaneously, Sphere abruptly ended its Master Services Agreement with Gryphon Digital Mining in October 2023. The reasons for this termination have not been disclosed.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
Sphere 3D Corp., a net carbon-neutral cryptocurrency miner, has reported a significant surge in productivity for its mining operation for September 2023. The company, under the leadership of CEO Patricia Trompeter, mined 63.6 Bitcoins, marking a 9.1% increase from August and a year-over-year (YoY) rise of 473%.
The company’s operating hash rate was consistent at 1.3 EH/s, representing a substantial YoY growth of 13X. Mining efficiency stood at 84.0 BTC/EH with an uptime of 66%, impacted by high temperatures at several sites. These results culminated in mining revenues of $1.7 million from approximately 12,450 deployed miners.
The surge in productivity is attributed to reduced curtailments at the cooler mining sites, with further gains anticipated during the winter months due to lower temperature curtailments.
In addition to its mining success, Sphere 3D is currently involved in a legal dispute with Core Scientific over breach of contract and conversion claims following Core’s Chapter 11 bankruptcy filing. Despite Core’s attempt to dismiss Sphere’s claims summarily, the bankruptcy court denied the motion, setting up a merits hearing for early 2024.
Simultaneously, Sphere abruptly ended its Master Services Agreement with Gryphon Digital Mining in October 2023. The reasons for this termination have not been disclosed.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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