Mediaboss Marketing

Amid several widely publicized closures of banks and even more businesses at risk, a truck displaying an advertisement for Bitcoin (BTC) was seen outside the headquarters of the now-collapsed Silicon Valley Bank (SVB) in California, attracting the attention of the cryptocurrency community and media around the world.

With the help of several friends, a Bitcoin enthusiast and street artist known as Cryptograffiti has placed an ad for the flagship decentralized finance (DeFi) asset on a truck and parked it outside the entrance to the HQ of the now-collapsed banking giant, posting the video of the process on Twitter on March 15.

The artists move, which seems to depict the perceived strength of cryptocurrencies over traditional finance, with the message to Be Your Own Bank, has grabbed the attention of media in other countries, including a local television station in Barcelona, Spain, which aired the story, as shared by Twitter user eVelocity on March 16.

Indeed, after three major banks were closed within days from each other, the contagion is threatening to spread to more institutions, including Credit Suisse, which has recently announced plans to borrow nearly $54 billion from the Swiss central bank in a bid to strengthen its liquidity and avoid possible downfall.

Such uncertainty in the banking sector has resulted in many fearful investors fleeing to the crypto market, withdrawing massive amounts of Bitcoin and Ethereum (ETH) from crypto exchanges to hodl despite heightened regulatory hostility.

Notably, Bitcoin enthusiasts have long argued that the largest crypto by market capitalization had the capacity to act as a safe haven asset and a hedge against inflation, including the author of the personal finance book Rich Dad Poor Dad Robert Kiyosaki, who praised Bitcoin as a store of wealth in a possible economic crash.

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Bitcoin ad truck in front of Silicon Valley Bank HQ grabs worldwide ... - Finbold - Finance in Bold

Toronto, Ontario--(Newsfile Corp. - March 16, 2023) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation for the month ended February 28, 2023.

CEO Comments

"February was a game changing month for Sphere 3D. We successfully found homes for, and began deploying, the majority of the 11,000+ miners we received in January. We forged new partnerships with hosting providers in record time to fill the gap left by the December 2022 Core Scientific ('Core') bankruptcy. With the miners currently being deployed in March and April, our fleet is expected to be fully homed, and upon energization, we expect to be at approximately 1.5 EH/s."

Compute North Update

We continue to work with Compute North and their bankruptcy lawyers for the return of our deposit through the Chapter 11 process. On February 24, 2023, we filed our financial claim with the US Bankruptcy Court which included our deposit plus additional claims from January 13, 2023, the contract rejection date, while we continue to work within the Chapter 11 process to recover our funds.

Miner Delivery Update

We have begun deployment to several hosting partners for March and April energization. We deployed 2,400 miners to Lancium Mining at their Texas Facility. Lancium has the latest state of the art technology in immersion mining. We are in discussions with an another hosting provider to place 5000+ miners which we expect to be hashing in the next 30-45 days, as well as in definitive agreements to place another 2000+ miners. With the deployments above, we will have successfully placed the majority of our current fleet.

Core Scientific Update

As previously disclosed by the Company, Sphere 3D filed an arbitration request against Core Scientific ("Core") on its claim for the non-refunded portion of the Company's advanced deposits. Core subsequently filed for restructuring under Chapter 11 on December 21, 2022, citing burdensome debt obligations as a result of rising energy prices and the decline in the price of bitcoin. Sphere 3D has engaged counsel and is vigorously pursuing every available option to recover its funds. Sphere 3D is participating on the Creditors Committee for the US Bankruptcy counsel.

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Bitcoin Production and Holdings Update

In February 2023, Sphere 3D produced 35.06 Bitcoin, or 1.25 per day. Sphere 3D's mining fleet operated at 90.6 BTC/EH efficiency. Daily production volume remained flat compared to January 2023. The reduction in uptime was due to some operational issues including a leak in a transformer, a router crash, and maintenance needed on some machines.

During February 2023, the Company employed a Hybrid strategy of liquidating during bitcoin price upswings and HODL for the remainder of its holdings. The Company liquidated 41.45 Bitcoin during the month to fund working capital and hosting deposits for our S19J Pros.

Bitcoin held by the Company represents a fair market value of approximately $0.3 million based on the Bitcoin price of $23,716 on February 28, 2023. As of February 28, 2023, the Company was operating approximately 4,330 S19j Pros miners delivering a production capacity of approximately 433 PH/s.

Bitcoin Production and Holdings

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1705/158628_6fe891cff4c3a828_0001full.jpg

CEO Closing Remarks

"February was an exciting month as we found homes for the rest of our fleet. When fully energized we expect to increase our production to almost 1.5 EH/s. This month was pivotal for Sphere 3D, and our focus is on the execution and energization of a large portion of our miners during the next 30-45 days."

About Sphere 3D

Sphere 3D Corp. (NASDAQ: ANY) is a net carbon-neutral cryptocurrency miner with decades of proven enterprise data-services expertise. The Company is growing its industrial-scale mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about the Company, please visit Sphere3D.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally related to future events including the timing of the proposed transaction and other information related proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "experts," "plans," "anticipates," "could," "intends," "target," "project," "contemplates," "believes," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions. Expectations and beliefs regarding matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from the projected. The forward-looking statements contained in this communication are also subject other risks and uncertainties, including those more fully described in filings with the SEC, including Sphere 3D's reports filed on Form 20-F and Form 6-K and in other filings made by Sphere 3D with the Sec from time to time and available at http://www.sec.gov. These forward-looking statements are based on current expectations, which are subject to change.

Sphere 3D Contacts

Kurt Kalbfleisch CFO, Sphere 3DInvestor.relations@sphere3d.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158628

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Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for February 2023 - Yahoo Finance

Yuri Molchan

Prominent Bitcoin advocate and investor Kiyosaki believes BTC is becoming even more important in currently unfolding crisis

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Investor, nonfiction writerand entrepreneur Robert Kiyosaki, particularly famous for his book on financial literacy "Rich DadPoor Dad," has taken to Twitter to make another prediction of an upcoming economicand financial collapse.

He mentioned Bitcoin in his tweet, reminding the audience that he believes the flagship cryptocurrency, along with a few other assets, to be vitally important now.

Kiyosaki has again drawn the attention of his large Twitter audience to the current crisis in the banking sphere and the recent collapse of three major banks Silvergate Bank, Silicon Valley Bankand Signature Bank. All three of these were also crypto-friendly, dealing with crypto exchanges, collaborating with stablecoin issuers, and storing part of the cash balance of some crypto companies.

The chief executive of Ripple, Brad Garlinghouse, recently admitted in a statement that Ripple did hold part of its cash balance at Signature Bank. However, it was a really small portion,and the bank's collapse has not impacted the daily operations of Ripple.

The U.S. government also promised to maintain the access of SVB and Signature Bank's customers to their balances and allow withdrawals without spending taxpayers'money. Kiyosaki then tweeted a sarcastic comment tothat.

In today's tweet, he stated that "crash and crisis"are just beginning, and that pensions, U.S. corporate pension program 401k andIRAs (individual retirement accounts) went woke and are going broke now, as arethe banks.

Kiyosaki concluded his tweet with a traditional call to buy Bitcoin, physical goldand silver for users to hedge their risks in the current difficult period for the economy.

Earlier this year, Kiyosakitweeted that he expects BTC to surge to the astonishing level of $500,000, gold to hit $5,000 per ounce and silver to surge to $500 by 2025. The main driver for this, he believes, is going to be the cumulative effect of the U.S. government printing "billions in fake dollars."

The printing started back in 2020, when the pandemic broke out, lockdowns were implemented and the U.S. government began supporting average citizens with "survival checks"worth $1,200 per adult. Banks and large businesses were supported with bailouts.

Now, Kiyosaki reckons that Bitcoin is the "answer to the sick economy." BTC, goldand silver are the best inflation hedges, according to him.

Bitcoin is currently changing hands at $24,553, after briefly peaking at the $26,000 level on multiple factors, including a positive February CPI report, which made economists think that the Federal Reserve is likely to begin decreasing rate hikes at the March FOMC meeting.

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'Rich Dad Poor Dad' Author Says Buying Bitcoin Is Vital as 'Crash and Crisis' Just Starting - U.Today

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Bitcoin Core developer James OBeirne has proposed a new way to run a Bitcoin pruned node. His proposal overhauls the conventional method for pruning Bitcoins blockchain.

Pruning, of course, has been available to Bitcoin node operators for years.

With standard Bitcoin Core software, node operators enable pruning by setting a maximum number of megabytes they are willing to store in their bitcoin.conf file. They can also modify this setting in the settings area of Bitcoin Cores graphical user interface (GUI).

The two largest software clients for Bitcoin nodes, Bitcoin Core and Bitcoin QT, can be pruned. However, once the node owner has activated pruning, they may not transmit old blocks over the Bitcoin network nor verify old wallets.

Of course, pruning has trade-offs. First, however, to OBeirnes proposal.

OBeirne has proposed an update to the method by which full nodes prune. This proposal is part of his largerassumeUTXOprotocol project.

Rather than the status quo setting a number of blocks and compressing historical blocks prior to that milestone OBeirnes assumeUTXO is an experimental way for new Bitcoin full nodes to delay their need to verify historical transactions until the user receives recent transactions.

AssumeUTXO-compatible node clients would contain a hard-coded hash of the conditions necessary to spend all bitcoin (the UTXO set) as of a safe, recent point in time (OBeirnes variant of the popular Bitcoin Core client, Bitcoin Core #25740, supports assumeUTXO).

Read more: This Bitcoin Core update will protect full node operators from hacks

Because of its importance, developers would have to check any revision of the hard-coded assumeUTXO hash for correctness during code review. As long as the snapshot hash is correct, it would allow pruned node operators to opt-in to disregarding full data prior to that hash. This trimmed blockchain file would be much smaller than Bitcoins entire, half-terabyte blockchain.

In addition, OBeirnes proposed update could add background validation to the assumeUTXO protocol. The assumeUTXO proposal adds serialized UTXO sets, reducing the time needed to sync a new Bitcoin node. It also reduces the storage space required to save the Bitcoin blockchain.

In summary, James OBeirne proposes that pruned node operators may optionally trust a developer-reviewed snapshot of the blockchain at a specific point in history. A pruned node can use that snapshot hash to reduce the large file size of Bitcoins blockchain.

Once the node has passed an accuracy check of Bitcoins ledger using that hash, the node can delete the information used to perform the check the next time the software client restarts. After abridging this data, the node has become a pruned node. Like other pruning techniques, OBeirnes proposed feature reduces blockchain storage requirements.

Developers are still working on finalizing the assumeUTXO proposal. To be clear, assumeUTXO is not in consensus with the main Bitcoin network today. Development, safety checks, and code review are ongoing. Bitcoin Core developers are discussing OBeirnes proposal, debating its pros and cons, and debugging drafts of code.

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Bitcoin Core developer proposes new type of pruned node - Protos

As the global bank crisis spreads, Credit Suisse Group AG, a Switzerland-based global investment bank and financial services firm, seems to have been caught in the contagion, which could lead to more gains for Bitcoin and the crypto market. The banks shares CS dropped by nearly 25% over the week.

This plummet comes after the banks largest shareholder Saudi National Bank (SNB), reportedly disclosed that it could not provide further support for Credit Suisse. According to Reuters, citing an SNB statement, the bank stated it would no longer buy more shares in the Swiss bank on regulatory grounds.

Saudi National Banks latest withdrawal of support to the struggling Credit Suisse has raised several speculations on whether this could eventually lead to the downfall of the struggling bank. SNB currently holds a large stake in Credit Suisse of up to 9.88%. SNB chairman Ammar Al Khudairy told Reuters the bank could not go further than 10% due to regulatory concerns.

After the announcement, Credit Suisse shares plummeted 24% on Wednesday, March 15. Credit Suisse shares have since been on a downtrend following the collapse of Silicon Valley Bank; itsrecent plummet due to SNB support withdrawal has made it hit a new record low with a value of $2.10 at the time of writing.

As of last year, after its 10% stock acquisition, SNB committed a $1.5 billion investment in Credit Suisse. The struggling banks latest major dump came just months after publishing its 2022 annual report, resulting in a massive withdrawal of funds from the financial institution.

While the company has continued to seek financial assistance after seeing a decline in customer activity, experts have suggested the bank could eventually fall, given the recent collapse of three major banks in the United States in the past week.

With the previous Bitcoin (BTC) rally attributed to the collapse of prominent banks, speculations have been raised around the crypto community on whether another significant bank fall, such as Credit Suisse, could again lead to the cryptocurrency extending its bullish trend.

Over the past week, since the fall of three major US banks Silvergate, Signature bank, and Silicon Valley, many investors in the financial sector have sought an alternative way as a store of value. So far, crypto assets such as Bitcoin have shown to be the best option. The latter has been reflected in their prices.

This has made Bitcoin and the rest of the market go into a bullish period over a short period. Furthermore, the BTC price chart indicates another potential upcoming surge after the previous rally.

Recent events hint at bad news for the global economy, but the crypto market and Bitcoin, in particular, have benefited. The continuous downfall of banks could gear BTC and the rest of the crypto market for another spike as the store of value narrative re-gains momentum as an appealing alternative to the fiat system.

Featured image from Unsplash, Chart from TradingView.

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Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing For Another Rally? - NewsBTC