Gryphon Digital Mining and Sphere 3D are terminating their agreement for a reverse merger.
Gryphon Digital Mining, a privately held company focused on mining bitcoin using 100% renewable energy, will not be going public via a reverse merger with publicly traded data management firm, Sphere 3D, the companiesIn a statement, Gryphon and Sphere said that they had agreed to terminate the agreement"due to changing market condition, the passage of time, and the relative financial positions of the companies, among other factors.
The companies said that they would continue to work together through what they termed a Master Services Agreement, with Gryphon generating"operating income through management of Sphere 3D's mining fleet," and Sphere 3D benefiting from"Gryphon's expertise in mining." Sphere 3D has been expanding its own mining operations and now has 1,000 miners running, the company said in the statement.on June 3 and initially slated to close in the third quarter of 2021.
“As a pending shareholder and operating partner of Sphere 3D, we look forward to the mutual success of both companies," Chang said in the Monday statement.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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