Sphere 3D is a small Bitcoin mining company. It deploys specialized ASIC computers to validate transactions on the Bitcoin blockchain, earning newly minted Bitcoin and transaction fees as block rewards. Sphere 3D mines through a pool operated by Foundry Digital under a Full Pay Per Share arrangement, receiving daily payouts based on its share of total network hashrate. As of late 2025, Sphere 3D operated roughly 4,200 active miners with a total hashrate capacity of 0.73 EH/s. The company holds mined Bitcoin in custody and sells as needed to fund operations. Profitability is driven by Bitcoin price, hashrate deployed relative to the global network, mining efficiency (measured in joules per terahash), and electricity costs. Sphere 3D operates a mix of a self-owned 8 MW facility in Iowa and third-party hosting arrangements to manage energy costs. The company has been refreshing its fleet, trading older-generation miners for newer machines to improve efficiency from roughly 22.0 J/th toward a target of ~19.0 J/th. In March 2026, Sphere 3D announced an all-stock merger with Cathedra Bitcoin, a Canadian miner, with the combined entity targeting low-cost mining operations across North America. Sphere 3D is a very small operator with just four employees, and funds operations partly through an ATM equity offering program.