The practice of cryptographic hashing with a dedicated rig is an easy way to build passive income. And when the process is done on a grand enough scale, it can generate tens of thousands of dollars a day. Crypto mining is one of the most lucrative investments for computer hobbyists, crypto fanatics and institutions alike. So, when a company decides to take a dive into the ventures of mining, it usually spells good things for the stock. That’s what’s happening today with Sphere 3D (NASDAQ:ANY) and ANY stock.
Sphere 3D is a Canadian-based software company. The company deals in offering containerization, visualization and data-management tools through both cloud and hybrid-cloud implementations.
ANY Stock Gains as Sphere 3D Gets Bitcoin Mining Rights
The company is making waves in the crypto world today with its newest announcement. Sphere 3D says it will be assuming all of Hertford Advisor Ltd.’s Bitcoin (CCC:BTC-USD) mining rights. The deal will allow Sphere 3D to purchase 60,000 Bitcoin mining rigs over the 10 months starting with November 2021.
As part of the transaction, Sphere 3D will supply Hertford with shares of ANY common stock, as well as new preferred stock, per the company’s press release. This stock will be given to Hertford upon completion of certain milestones. These include the inking of two additional contracts beyond the mining rights deal. The contracts include deals allowing Sphere to purchase an additional 160,000 mining rigs, as well as a contract for a 200,000 square foot mining facility. Hertford is expected to earn 4.5 million shares of ANY stock from the deal.
The news is not surprising coming from Sphere 3D; after all, the company is going to merge with crypto mining outfit Gryphon in Q4.
ANY stock is benefiting hugely from the deal. The value of the stock is up nearly 35% on the day so far. Additionally, over 63 million shares are trading, against the stock’s daily average of just 7.3 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.