Sphere 3D partners with Bitdeer for 30MW mining deal across Tennessee and Kentucky

Sphere 3D Corp. (NASDAQ: ANY) completed its business combination with Cathedra Bitcoin on June 1, 2026. That merger created a combined entity with a managed power capacity of 53 MW across five data centers in Iowa, Kentucky, and Tennessee, plus an installed hash rate of 1.2 exahashes per second.

Cathedra Bitcoin, before being absorbed into Sphere 3D, already operated four data centers totaling 45 MW in Tennessee and Kentucky.

The combined entity held 37.3 BTC on its balance sheet at the end of 2025.

Sphere 3D has been targeting miner efficiency of approximately 19 joules per terahash. The company has also engaged EA Advisors to explore opportunities in artificial intelligence and high-performance computing, indicating a strategic pivot toward diversifying their power platform’s application beyond Bitcoin mining.

Bitcoin mining has become increasingly competitive, particularly after the April 2024 halving cut block rewards in half.