Sphere 3D Unveils Exciting Production and Operation Updates for September 2023!

"Sphere 3D Reports Impressive 473% Year-Over-Year Increase in Bitcoin Mining, Anticipates Further Growth in Production"

Unaudited CEO Comments

In a recent statement, Patricia Trompeter, CEO of Sphere 3D, announced that the company had mined 63.6 Bitcoin in September. This represents a significant increase of 473% compared to the previous year and a 9.1% increase from August. Trompeter attributed the higher production in September to reduced curtailments due to lower temperatures at their hosting sites. She also expressed optimism for the future, expecting curtailments to continue to improve as they enter the winter months, which should result in higher Bitcoin production.

Core Scientific Update

Sphere 3D previously disclosed that on October 31, 2022, they filed an arbitration request against Core Scientific. The request asserted various claims, including breach of contract and conversion. In December 2022, Core Scientific and its affiliates filed for Chapter 11 bankruptcy. As a result, Sphere 3D filed proofs of claims against Core in connection with the bankruptcy proceeding. However, on May 9, 2023, Core filed objections to Sphere’s proof of claims.

On June 9, 2023, Core filed a motion for summary judgment seeking the dismissal of Sphere’s claims. The bankruptcy court held a hearing on this motion on August 7, 2023, and subsequently denied the motion on August 9, 2023. The court then issued a scheduling order for a merits hearing in the first quarter of 2024. Sphere 3D has stated its intention to vigorously prosecute the matter.

Gryphon Update

On October 6, 2023, Sphere 3D terminated the Master Services Agreement between Sphere and Gryphon Digital Mining, effective immediately. The agreement had been in place since August 10, 2021, and was amended on December 29, 2021.

About Sphere 3D

Sphere 3D Corp. (ANY) is a net carbon-neutral cryptocurrency miner with extensive experience in enterprise data services. The company is focused on expanding its industrial-scale mining operation through the efficient procurement of next-generation mining equipment and strategic partnerships with top-tier data center operators. Sphere 3D is committed to creating shareholder value while adhering to strict environmental, social, and governance standards.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act of 1934, as amended. These statements are identified by words such as “may,” “will,” “should,” “plans,” “anticipates,” “could,” “intends,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or other similar terms or expressions. However, it is important to note that expectations and beliefs regarding the matters discussed may not materialize, and actual results are subject to risks and uncertainties that could cause them to differ materially from the projected outcomes.

Sphere 3D Contacts

For further information, please contact Kurt Kalbfleisch, CFO of Sphere 3D, at investor.relations@sphere3d.com.

(Source: https://www.newsfilecorp.com/release/183708)

Martin Reid

Martin Reid

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