Stephanie Douse 
Although the planned merger has been canceled, the two companies still retain a good working relationship and aim for carbon-neutrality in their Bitcoin mining operations.
Bitcoin mining in relation to the carbon-neutral facilities will still be rolled out even as the merger between Gryphon Digital Mining and Sphere 3D has been canceled.
According to a joint statement issued by the two crypto mining businesses on April 4, the decision to reject the merger was made mutually “due to changing market conditions, the passage of time, and the relative financial positions of the companies.” The cancellation appears to have not either company’s aspirations to establish carbon-neutral Bitcoin (BTC) mining facilities.
The merger was announced in June of last year, and it would have resulted in the two companies merging under the name Gryphon. It would also have made Gryphon a public company, as Sphere 3D, based in Canada, is already listed on NASDAQ under the ticker ANY.
Gryphon claims to be the world’s first carbon-negative miner, having purchased 500,000 carbon offset certificates. Sphere 3D and Gryphon did not answer questions about how they achieved net neutrality.
Gryphon CEO Rob Chang stated he is looking forward to “the mutual success of both organizations” because the companies already have a solid working relationship. Gryphon maintains Sphere’s 1,000-device mining fleet, which is expected to grow by 59,000 devices by June of this year. Gryphon is in charge of 7,200 of its own devices, which are colocated with blockchain infrastructure provider Core Scientific.
Gryphon purchased 7,200 Antminer mining equipment for approximately $48 million in July, increasing its hash power by approximately 720 petahashes per second (PH/s).
Regulators all over the world have expressed concern about the environmental impact of Bitcoin mining. Operating carbon-neutral facilities could help mitigate some of the concerns leveled about Bitcoin mining, such as increased noise pollution and power grid outages.
New York state, one of America’s major hash power producers, is seeking a mining ban to give its environmental department time to investigate the environmental impact of mining.