Data management solutions provider Sphere 3D has signed a whopping $1.7 billion deal with NuMiner Global to purchase 60,000 of its new NM440 bitcoin mining rigs.
Sphere 3D is a Nasdaq-listed company that offers data management services via hybrid Cloud, Cloud, and on-premise implementations. It recently signed a SPAC agreement with bitcoin miner Gryphon Digital Mining to expand its business in eco-friendly digital asset mining.
Per the details of the agreement with NuMiner, Sphere 3D will pay $29 million in cash, $400 million via common and preferred stock, and about $1.1 billion in vendor financing. The remaining $185 million will be paid in milestone payments.
Peter Tassiopoulos, Chief Executive Officer of Sphere 3D, said in the press release:
“We continue to focus on the growth of our mining operations, and the agreement to purchase the NM440 provides us the ability to increase our EH/s capacity on order by 440% over the next 13 months. The NM440 should also increase our overall efficiency, further improving margins and profitability as we scale our mining operations.”
In a separate statement released today, NuMiner noted that it produced the new mining machines in collaboration with Taiwan Semiconductor Manufacturing Company (TSMC), Foxconn, and Xilinx. In addition, the performance specifications of the mining rigs have been validated by TÜV Nord’s certified lab BACnet Testing Laboratories.
NuMiner Global claims its new NM440 bitcoin mining rigs operate at 440 TH/s mining power for a total capacity of 26.4 EH/s. If deployed all at once, it would take Sphere 3D’s total mining hashrate to 32.4 EH/s, a figure representing approximately 14% of the current global network hashrate.