Forging ahead with Hertford dealAfter entering the world of green crypto mining earlier this year, Sphere 3D is stepping things up a notch: inking a deal for exclusive rights to crypto mining assets with Hertford Advisors, and sending prices soaring over 40% on Friday.
Shares of software development and data management company Sphere 3D, which was recently acquired by Gryphon Digital Mining, skyrocketed 41% on Friday after signing a deal for the exclusive rights to Hertford Advisors’ Bitcoin mining assets. Hertford is privately held, providing a wide variety of financial management services, and the deal will give Sphere 3D exclusive access to the company’s existing Bitcoin mining agreements. Sphere 3D isnt wasting any time either, having already bought 60,000 new Bitcoin mining machines and completed its first agreement.
The pair didn't put a figure to the deal, saying that Hertford will be given 4.5 million shares once specific targets are reached, which include the purchase of another 160,000 mining machines and a crypto mining facility contract. Based on Sphere’s Thursday closing price, that would value the transaction at around $15.5 million.
Sphere 3D’s foray into environmentally-friendly crypto mining couldn't have come at a better time – after the Elon effect rippled through the crypto world following his disavowing of Bitcoin in May, the spotlight has been on the environmental impact of cryptocurrencies, with the likes of Jack Dorsey and other tech top dogs publicly debating how to solve the fossil-fuel consumption problem that the burgeoning crypto industry is struggling with. Bitcoin’s growth has turned it into an outrageously energy-intensive coin, with its miners now consuming more power than the whole of Argentina put together – so a renewable energy focus might be where the money is at.
Prices of Sphere 3D popped to their highest level ever on Friday, reaching highs of $5.61 before closing up over 41% at $4.86, and the party kept going on Monday morning with shares opening the day up another 14%.
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The future of green crypto?The environmental effects of crypto have been the talk of the town recently, and Sphere 3D is reaping the rewards, soaring 60% last week as it makes moves to create the first carbon-negative crypto miner.
The software development and data management company went wild recently after entering into a merger agreement with Gryphon Digital Mining, a privately held company that focuses specifically on mining Bitcoin using 100% renewable energy. The company will take on the Gryphon name, with the deal expected to wrap up in Q3, leaving Gryphon shareholders with 77% control of the company.
The aim will be to conduct business with sustainability and ESG ideals at the forefront, and the deal couldn't have come at a better time. As the Elon effect has rippled through the crypto world following his disavowing of Bitcoin a few weeks ago, the spotlight has been on the environmental impacts of cryptocurrencies, with the likes of Jack Dorsey and other tech top dogs publicly debating how to solve the fossil-fuel consumption problem that the burgeoning crypto industry is struggling with. Bitcoin’s growth has turned it into an outrageously energy-intensive coin, with its miners now consuming more power than the whole of Argentina put together – so a renewable energy focus might be where the money is at.
The combined entity has kicked off its partnership by buying 250,000 carbon offset credits - which are basically a way for companies to account for unavoidable emissions by buying credits from certified activities that contribute positively back into the environment (like planting trees, for example). The purchase will help the new enterprise to achieve its ESG commitments, and also means that Gryphon will become the first direct carbon-negative crypto miner – setting an example that could change the crypto world.