- The stock price of Sphere 3D (Nasdaq: ANY) increased over 26% yesterday. This is why it happened.
The stock price of Sphere 3D (Nasdaq: ANY) increased over 26% yesterday. Investors are responding positively to Gryphon Digital Mining announcing that the first batch of its 7,200 S19J Pro Antminers have been installed and are now mining bitcoin. And this is transformational for the company as it transitions from an aspirational bitcoin miner to a producer and is yet another milestone in the company’s goal to be the industry-leading bitcoin miner with a zero carbon footprint.
Gryphon Digital Mining will continue to receive batches of 600 machines on a monthly basis until the total purchase of 7,200 machines is up and running. And the order is expected to provide Gryphon with approximately 720 PH/s of hashing power, which places it among the top 15 global miners according to Cointelegraph. This fleet of high-efficiency miners will be part of one of the only cryptocurrency mining operations with a 100% renewable energy supply.
The purchase of the S19j Pro miners represents a significant step forward in Gryphon Digital Mining’s strategic initiative to increase its bitcoin hash rate while simultaneously maintaining a negative carbon footprint. The S19j Pro is the latest model from Bitmain that was released over the summer. And the new miner boasts a hash rate of 100 TH/s combined with an industry-leading energy efficiency ratio of 29.5 J/TH and an expected life cycle of over 5 years.
Gryphon Digital Mining recently entered into an Agreement and Plan of Merger with Sphere 3D (Nasdaq: ANY) through which Gryphon shareholders are expected to become shareholders of Sphere 3D. And the merged company would continue to trade on Nasdaq, subject to shareholder and regulatory approvals. The merger is expected to be complete in the fourth quarter of this year.
KEY QUOTE:
“The deployment of these state-of-the-art machines marks a transformational event for Gryphon as we join the ranks of global active bitcoin miners. Seeing the machines at work, plugged into a 100% renewable energy supply, is the first of many demonstrations which prove our long-term commitment to the digital asset mining sector in a responsible manner.”
— Rob Chang, CEO of Gryphon Digital Mining
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
