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 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 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.”
