The anticipated merger between the two crypto mining companies, Sphere 3D and Gryphon Digital Mining, has been canceled, but they will continue to work together on building a carbon-neutral mining operation for Bitcoin mining.
Through a joint statement on April 4, both crypto mining companies had revealed that they were going to scrap the merger after a mutual agreement. For a reason, they have stated that the current market condition and financial position of the companies are not ideal for the merger. But the cancellation will not put an end to the future plan of both companies, which are building carbon neutral Bitcoin mining facilities.
The merger of these two crypto mining companies was announced last June, and both the companies would have become one under the name Gryphon. The merger would have also made Gryphon a publicly-traded company because Sphere 3D, which is Canda based company, is already trading on NASDAQ under the ANY ticker symbol.
Although Gryphon and Sphere 3D have not commented on how they have achieved the carbon neutrality state while mining Bitcoin but Gryphon do have claimed to be the first carbon-negative mining company with the first-ever acquisition of 500,000 carbon offset credits by a crypto mining company.
