Bitcoin-related stocks have had a pretty good time in recent days and one of those is the Sphere 3D Corp (NASDAQ:ANY) stock. Over the course of the past week, the stock has come into sharp focus among investors, and during the period, it managed to clock gains of as much as 16%.
It goes without saying that such gains are likely to bring the stock into focus this week and hence, investors could do well to take a closer look at Sphere 3D. The positive trigger for the stock actually came last week after the company announced that it signed a critical new agreement with Gryphon Digital Mining. As per the terms of the agreement, Gryphon is going to be responsible for supplying Sphere 3D with 230 MW worth of carbon-neutral Bitcoin mining hosting power.
The capacity is going to be managed by Sphere 3D’s hosting partner Core Scientific. In this context, it should be noted that the hosting agreement that was bagged by Core Scientific is the biggest it has had in its history.
More importantly, it is another step towards Gryphon and Sphere 3D becoming the biggest carbon-neutral Bitcoin miners in the world. Considering the fact that Bitcoin has come in for heavy criticism due to the sort of power that is consumed for mining the cryptocurrency, it is a step that might have come as a source of great optimism for many investors.
The Chief Executive Officer of Sphere, Peter Tassiopoulos stated that both Sphere, as well as Gryphon, are committed to professionalizing the cryptocurrency industry. He went on to state that both the companies were highly excited at the prospect of working with a big-ticket company like Core Scientific in the venture. Sphere 3D is primarily a company that is involved with data visualization and management solutions.
However, the latest move from the company seems to have come as a source of significant excitement among investors. After the gains made by the Sphere 3D stock in the past week, it is now going to be interesting to see if the stock can continue to add to its gains this week.