The Merger between Sphere 3D Corp. and Gryphon Digital Mining Inc. Has Been Terminated

The merger between Sphere 3D Corp. and Gryphon Digital Mining, Inc. has been mutually terminated. Both cryptocurrency mining companies terminated the agreement from June 2021 that was later amended on 29 December 2021.

Changing market conditions as well as the financial state of both companies are among the reasons for stepping away from the merger. Nevertheless, the crypto mining firms will continue working together based on the Master Services Agreement (MSA).

Sphere 3D mining operations are continuing to expand. Approximately 1,000 miners are operational, and 2,000 s19j Pro miners are expected in May 2022.

The remaining 55,000 s19j Pro miners are to be delivered by the end of the year.

Gryphon Hashrate Exposure to Increase to 2.1

Gryphon Digital Mining, Inc. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining operation remains intact. Approximately 2,400 S19j Pro miners are available as of the end of March 2022.

Via the MSA, Gryphon enjoys a greater hashrate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term exposure of 1.35 exhash. By the end of 2022, Gryphon mining power is expected to reach 2.1 exhash (approx.).

Duncan McEwan, the Chairman of Sphere 3D said: "Sphere 3D remains committed to building a premier industrial mining operation and already has 6.0 EH/s of capacity under contract for deliveries this year. We are well-positioned to execute on this vision.

“The Board has worked closely with our management team, and after extensive discussions, it became clear that shareholders would realize greater value if the companies operated independently as opposed to a merged entity.

"We look forward to working closely with the Gryphon team to combine our expertise and realize the immense value of the bitcoin network for our shareholders.”

Rob Chang, the CEO at Gryphon Digital Mining commented: “As a pending shareholder and operating partner of Sphere 3D, we look forward to the mutual success of both companies.

"With a substantial unlevered total hashrate from our self-mining and MSA operations, Gryphon is well-positioned as it already ranks among the leading bitcoin miners in the world.”