Sphere 3D(US:ANY) Newsfile·2024-09-23 11:30Core Insights - Sphere 3D Corp. provided a strategic and operational update for August 2024, highlighting a significant decrease in Bitcoin mined compared to previous months [1][2]. Financial Performance - Bitcoin mined in August 2024 was 12.7, a decrease from 58.3 in August 2023 and 16.8 in July 2024 [3]. - Bitcoin sold in August 2024 was 12.6, down from 65.7 in August 2023 and 22.0 in July 2024 [3]. - Mining revenue for August 2024 was $0.8 million, a decline from $1.6 million in August 2023 and $1.0 million in July 2024 [3]. - Bitcoin holdings at the end of August 2024 were 2.1, slightly up from 2.0 in July 2024 but down from 2.8 in August 2023 [3]. - The deployed hash rate at month-end was 1.0 EH/s, down from 1.3 EH/s in August 2023 and 1.2 EH/s in July 2024 [3]. Operational Updates - The second batch of Antminer S21 fleet upgrades has arrived, with over 800 units now online or ordered, contributing to a total of 0.2 EH/s [2][4]. - A new 12.5 MW site is being developed in Iowa, targeting completion by early December 2024, with an average energy cost of approximately 4 cents [4][6]. - The company is actively replacing older machines with newer models, which is expected to temporarily reduce Bitcoin production in the coming months [4][6]. Strategic Initiatives - Sphere 3D is pursuing a merger with a company focused on vertical integration and is in discussions with several potential partners [5]. - The company aims to maintain a debt-free status while gradually refreshing its fleet to optimize operational efficiency [7]. Company Overview - Sphere 3D Corp. is a cryptocurrency miner focused on expanding its Bitcoin mining operations through efficient procurement of next-generation equipment and partnerships with data center operators [8].