Simple Mining announced on October 7, 2026, that it acquired Sphere 3D’s approximately 8 MW Bitcoin mining facility in Iowa. The buyer says the site supports about 2,200 latest-generation miners and brings its Iowa platform to nearly 160 MW. Those capacity figures are company-reported; the announcement does not explain how it measures the platform-wide total.
What Simple Mining acquired
The facility is an approximately 8 MW Iowa Bitcoin mining site that Simple Mining says can support about 2,200 latest-generation miners. The announcement does not identify the miners’ manufacturer or model, so the equipment count should not be read as a specification for a particular ASIC miner.
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Simple Mining says the purchase brings its Iowa platform to nearly 160 MW. The announcement does not define whether that total represents gross power, critical IT load, or another capacity measure. It also does not provide independent data on utilization, performance, profitability, or customer outcomes.
Deal terms and timeline
Sphere 3D’s Form 8-K says the parties entered into a definitive agreement on September 1, 2026. Simple Mining announced the acquisition on October 7. The filing sets the purchase price at $1.5 million and says the transaction transferred rights to the site’s containers, transformers, and related equipment.
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| Term | Details in Sphere 3D’s 2026 SEC filing |
|---|---|
| Purchase price | $1.5 million |
| Cash component | $300,000 |
| Promissory note | $1.2 million, interest-free, payable in equal monthly installments from December 1, 2026, through November 1, 2027 |
| Assets covered | Rights to containers, transformers, and related equipment at the Iowa site |
| Utility prepayment and security deposit | Sphere 3D was entitled to the return of approximately $300,000 in utility prepayment and a security deposit of approximately $225,000 |
Why the ownership change follows an existing relationship
Simple Mining says it had already engineered, developed, and operated the site for Sphere 3D under a managed services arrangement. The acquisition therefore shifts the site into the buyer’s owned Iowa platform after a period in which it had built and run the facility for the seller.
Simple Mining describes its business as combining machine sales, hosting, and repair in-house. It says customers buy and host miners on its infrastructure and that customers at the acquired site can access its ASIC repair operation and support team. These are company descriptions; the available transaction material does not independently establish service quality or customer results.
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Simple Mining COO Nick Garland said customers want “more room to grow on infrastructure we own and operate.” CEO Adam Haynes characterized the site as “fully energized, high-performing capacity” available from day one. Those statements explain the company’s rationale and characterization, not independently measured demand or operating performance.
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Keep Sphere 3D’s separate fleet transaction distinct
The same Sphere 3D filing separately describes a binding term sheet to sell approximately 5,500 legacy mining machines to RepairBit, LLC, for aggregate proceeds of approximately $3.1 million. RepairBit is the buyer in that separate fleet transaction; it is not the buyer of Simple Mining’s Iowa site.
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What the announcement does not establish
- The make or model of the approximately 2,200 miners the site supports.
- The measurement basis behind Simple Mining’s nearly 160 MW Iowa-platform figure.
- Independent utilization, uptime, efficiency, profitability, or customer-outcome figures for the facility.
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