Sphere 3D Corp. has restructured its purchase agreement for 6.0 exahashes/second of capacity or approximately 60,000 S19j Pros, with Fufu Technologies, "BitFuFu". The restructured contract initially entered into with BitFuFu in September 2021 will apply all deposits paid by Sphere 3D ($106.9 million paid to date) to BitFuFu toward the delivery of approximately 1.7 EH/s of S19j Pros to Sphere 3D during 2022. The restructuring also relieves Sphere 3D from obligations of the old contract requiring the Company to purchase an additional 3.9 EH/s of capacity, approximately
39,000 miners, at rates significantly above current market prices for S19j Pros. The restructuring also eliminates substantial penalties due to BitFuFu from Sphere 3D.