Sphere 3D(ANY) Newsfile·2024-10-17 21:00Core Insights - Sphere 3D Corp. provided an operational update for September 2024, highlighting a strategic shift towards lower-cost hosting sites and increased cash liquidity [1][3][5] Operational Performance - The company mined 9.2 Bitcoin in September 2024, a significant decrease from 63.6 Bitcoin in September 2023 and 12.7 Bitcoin in August 2024 [2][3] - The month-end deployed hash rate was 0.7 EH/s, down from 1.3 EH/s in September 2023 and 1.0 EH/s in August 2024 [3] - Mining revenue for September 2024 was 1.7 million in September 2023 and 0.04/kWh and an anticipated uptime of over 97% [5][6] - The buyout of a hosting contract has improved cash reserves and reduced overall mining costs, allowing for a strategic reallocation of miners to more cost-effective sites [3][5] Fleet Enhancements - Sphere 3D has added 0.21 EH/s of higher-efficiency machines to its fleet, with plans to deploy 1,000 Bitmain S21 units by Q4 2024 and another 1,000 in Q1 2025 [4][6] - The total miner fleet now includes a significant number of Bitmain S21 and S21 Pro machines, contributing close to 0.2 EH/s in additional hash rate [6] Executive Insights - The company anticipates a strong Bitcoin market moving into Q4 2024 and 2025, focusing on reducing mining costs and maximizing production [7][8] - The transition to facilities with competitive power costs and ongoing fleet upgrades positions the company for profitability and growth [8]