Sphere 3D’s Crypto Mining Solution Will Transform The Future Of Cryptocurrency Mining

Sphere 3D announces that it is in the process of negotiating a non-binding Letter of Intent with a private company for the purchase of the assets of a bitcoin mine in the United States. The Company is also in discussions to purchase a second bitcoin mine in another location, to be announced shortly.

The Company is purchasing the assets of a bitcoin mine that currently has around 100 Antminer S3’s, with an average hash rate of 1.3TH/s each. The total hash rate for the mine is currently over 130 TH/s, which is enough to make it one of the top 10 largest bitcoin mines in the world.

Spherical 3D has developed a way to reduce the cost of mining bitcoin, while still maintaining its profitability. Sphere 3D will deploy NuMiner’s high-performance bitcoin miners at existing locations in Sweden, Norway, Iceland, and Canada. The company anticipates that these deployments will increase its hash rate to about 60 Petahash per second.