Despite the canceled merger between Gryphon Digital Mining and Sphere 3D, the two companies still intend to develop carbon neutral Bitcoin mining operations.
A set of April 4 statement of the two crypto mining companies revealed that scrapping the merger was a mutual decision โdue to changing market conditions, the passage of time, and the relative financial positions of the companies.โ Apparently, the cancellation won't stop either company from moving forward with plans to build carbon-neutral Bitcoin (BTC) mining facilities.
the merger was Announced last June and would have seen the two companies become one under the Gryphon name. It would also have made Gryphon a publicly traded company by virtue of the fact that Canada-based Sphere 3D already trades under the symbol ANY on NASDAQ.
Gryphon claims to be the first carbon-negative miner by acquiring 500,000 carbon offset credits. Neither Sphere 3D nor Gryphon responded to comments about how they achieved net neutrality.
The firms already have a close working relationship about which Gryphon CEO Rob Chang said he looks forward to "mutual success for both companies." Gryphon manages Sphere's mining fleet of 1,000 devices, and Sphere expects to grow that fleet by 59,000 devices by June of this year. Gryphon controls 7,200 of its own devices that are collocated by blockchain infrastructure provider Core Scientific.
last July, Gryphon bought 7200 Antminer mining rigs worth about $48 million that helped increase their hash power by about 720 petahashes per second (PH/s).
Related: Core Scientific Hits Digital Gold: Revenue Up 800%, Gross Profit Up 2,500%
The environmental impact of Bitcoin mining has been the focus of regulators around the world. Operating carbon-neutral facilities could help avoid some of the criticism caused by Bitcoin mining, such as increased noise pollution and power grid failures.
One of the largest contributors of hash energy in the United States, the state of New York, is considering a moratorium on mining to give your environmental agency time to explore the impact mining has on the environment.
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