The merger of Gryphon and Sphere 3D has been abandoned, although carbon-neutral mining continues.
Even though the proposed merger has been scrapped, the two companies are still working together to make mining carbon-neutral.
Gryphon Digital Mining and Sphere 3D still want to build carbon-neutral Bitcoin mining facilities, even though their merger was scrapped.
According to a joint statement released Monday, the two crypto mining businesses decided to abandon the merger “due to changing market circumstances, the passage of time, and the companies’ respective financial standing.” The cancellation doesn’t seem to have had an effect on either company’s plans to set up carbon-neutral Bitcoin (BTC) mining operations.
The deal, announced in June, would have combined the two firms under the Gryphon brand. Additionally, it would have made Gryphon a publicly listed firm, since Canada-based Sphere 3D currently trades on NASDAQ under the ANY symbol.
By securing 500,000 carbon offset certificates, Gryphon claims to be the world’s first carbon-negative miner. Sphere 3D and Gryphon did not answer to questions about how they secured net neutrality.
The organisations already have a good working connection, and Gryphon CEO Rob Chang said that he looks forward to “both companies’ shared prosperity.” Gryphon now controls Sphere’s 1,000-device mining fleet, which Sphere aims to increase by 59,000 devices by June of this year. Gryphon is in charge of 7,200 of its own devices that are co-located with Core Scientific, a blockchain infrastructure provider.
Gryphon bought 7,200 Antminer mining machines last July for about $48 million, which increased its hashing power by about 720 petahashes per second (PH/s).
The environmental effects of Bitcoin mining have been a point of contention for policymakers worldwide. Carbon-neutral operations may help to address some of the concerns that people have about Bitcoin mining, such as noise pollution and problems with the electrical system.
New York state, one of the top producers of hashing power in America, is contemplating a mining ban to allow its environmental agency time to investigate the effect mining has on the environment.
