Sphere 3D to Purchase 60,000 NM440 Bitcoin Miners

Feb 4, 2022 By MarketDepth

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Bitcoin Mining Facility

Sphere 3D Corp. (Nasdaq: ANY) will purchase 60,000 units of new NM440 bitcoin miners from NuMiner Global, Inc., the company announced today. 

Stock Up Premarket

Shares of Sphere 3D Corp. (Nasdaq: ANY) gained 13.4% during the premarket hours.

60,000 Bitcoin Miners

Sphere 3D will pay up to $1.7 billion for 60,000 units NM440, which was introduced to the market for the first time today. Featuring a hash rate of 440 TH/s and a power efficiency ratio of 20.2 J/T, the “ NM440 provides us the ability to increase our EH/s capacity on order by 440% over the next 13 months,” Peter Tassiopoulos, Chief Executive Officer of Sphere 3D said. “The reduction in energy consumption per TH/s further exemplifies our shared commitment to ESG leadership in the industry.” The purchase puts Sphere 3D on pace to be one of the largest carbon-neutral bitcoin miners, according to its press release.

Pre-Production Units to be Tested

The Company will initially receive 12 pre-production NM440s for final evaluation and testing and is granted the option to acquire an additional 26.4 EH/s of production at the same commercial terms. Additionally, Sphere 3D retains the exclusive right of first refusal on all future NuMiner products and software enhancements.

“By significantly reducing the cost and energy consumption of bitcoin mining, we are accelerating an industry shift toward renewable and sustainable energy.”

Iain Kennedy, Chief Executive Officer of NuMiner Global