Shares of cryptocurrency miner Sphere 3D (NASDAQ:ANY) were up nearly 21% today. This happened after calling off a planned merger with privately held Gryphon Digital Mining. The deal, according to a June 2021 press release, would have brought the first 100% renewable energy Bitcoin mining company to markets. The two companies cited issues such as “changing market conditions” and “financial positions of the companies” as reasons to call off the merger. However, Sphere 3D said it will continue to operate as an independent Bitcoin miner.
According to the announcement, “Sphere 3D’s net-carbon neutral bitcoin mining operation continues to grow with 1,000 miners currently operational and the anticipated delivery of 2,000 S19j Pro miners in May 2022 and an additional 2,000 S19j Pro miners in June 2022.” Meanwhile, “Gryphon continues to roll out its net carbon-neutral bitcoin mining operation, with two-thirds of its 7,200 S19j Pro self-mining operation deployed as of March 31, 2022.”
Moving forward, Sphere3D did say its mining fleet is still growing, which could be a major catalyst. If it can do so, it may be able to benefit from higher demand for greener Bitcoin mining. After all, right now, according to Forbes contributor Chris Helman, “Bitcoin is infamous for wasting enough electricity to add 40 million tons of carbon dioxide to the atmosphere a year—but now, a growing cadre of U.S. miners are developing green, and lucrative, new strategies worth a fortune all their own.”
In the meantime, the company just made changes to its Board of Directors. Patricia Trompeter, who brings 20 years of success with corporate turnarounds, will be the new chief executive officer (CEO). Duncan McEwan will become Chairman of the Board of Directors. In addition, the new CEO and Board have plans to create an advisory board with executives in blockchain and cryptocurrencies. Since Mar. 14, shares of ANY stock ran from a low of $1.58 to a current price of $2.45.
On the date of publication, Ian Cooper 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.