Why Bitcoin-Related Stock Sphere 3D Is Rising Today

Sphere 3D Corp ANY is trading higher Wednesday after the company announced it entered into an agreement with Gryphon Digital Mining for approximately 230 MW of carbon neutral bitcoin mining hosting capacity to be managed by Core Scientific as hosting partner.

The hosting agreement is the largest order in Core Scientific's history and represents another step forward for Sphere 3D and Gryphon Digital Mining in becoming the world's largest carbon neutral bitcoin miner.

"Both Sphere 3D and Gryphon are committed to the professionalization of the crypto industry and are excited to work with a blue chip partner like Core Scientific. The commitment to carbon neutrality, industry leading infrastructure, and experience of the Core team were the deciding factors for us as we continue our journey to take the leadership position in crypto mining," said Peter Tassiopoulos, CEO of Sphere 3D.

Sphere 3D is a provider of data management and virtualization solutions.

ANY Price Action: Sphere 3D has traded as high as $11.98 and as low as $1.23 over a 52-week period.

The stock was up 7% at $7.52 at time of publication.

Photo: Serg Dementev from Pixabay.