- On April 6, Fortress announced the launch of a new ESG conscious Bitcoin mining venture with Great American Mining (GAM)
- Fortress will invest $15 million in mining equipment through Great American Mining
- Fortress receives between 60-85 per cent of all Bitcoin produced by the containers which are operated by GAM
- Fortress Technologies is a bitcoin mining company focused on advancing ESG and environmentally conscious business initiatives
- Fortress Technologies Inc. (FORT) opened trading at C$0.305 per share
Fortress Technologies (FORT) has provided an update on its strategic venture with Great American Mining LLC (GAM).
On April 6, Fortress announced the launch of a new Environmental, Social, and Governance (ESG) conscious Bitcoin mining venture with GAM.
Under the agreement, Fortress will invest $15 million in mining equipment through Great American Mining (GAM) with the goal of capturing 180 peta hashes a second (PH/s) in four months.
“I believe the future of bitcoin mining will need to be environmentally conscious, seeking out stranded energy sources and repurposing waste and emitted gases to productively secure the Bitcoin blockchain, and that both investors as well as the bitcoin mining community will place a premium on companies who pursue this kind of forward-thinking activity,” Fortress Chairman Roy Sebag said in a press release.
GAM specializes in developing and operating environmentally sustainable Bitcoin mining containers which convert vented/flared natural gas into electricity, reducing greenhouse gas emissions.
The first container with 180 MicroBT M32S ASIC miners operated by GAM has been successfully hashing at 11.7 PH/s using flared gas at the well pad in Oklahoma.
Fortress recently acquired an additional 540 Micro BT M31SE ASIC miners, to outfit 3 additional containers with GAM. These 540 M31SE ASICs in 3 containers will generate 40.4 PH/s. These ASICs were tested and installed in 3 new containers.
This will bring the Fortress and GAM Bitcoin mining operating hashrate to 52 PH/s for the first 4 containers in the field, which collectively are expected to produce approximately 13.7 Bitcoin per month (based on current difficulty levels) starting next week.
Fortress Technologies has purchased an additional 1,440 MicroBT M31S ASIC miners, which will fill the remaining 8 containers with Great American Mining and thus complete the first Statement of Work of 12 containers. These 1,440 M31S miners in 8 containers will generate an additional 106 PH/s, and are expected to arrive in mid/late August 2021, and to be operational in the flared gas fields and hashing in September 2021.
Upon the deployment of all 12 containers and ASICs, the company expects to have 158 PH/s of Bitcoin mining capacity from the Fortress/GAM containers, which would collectively generate approximately 41.5 BTC per month based on current difficulty.
Under the terms of the partnership with GAM, Fortress receives between 60-85 per cent of all Bitcoin produced by the containers which are operated by GAM in agreement with the natural gas suppliers.
Fortress retains ownership of the ASICs and containers with downside protection in the operating agreement (there is no obligation to continually operate during any periods where Bitcoin mining economics are not profitable for Fortress).
Fortress acquired SIC miners at a competitive $/TH (USD per tera-hash) price to ensure a good return on capital invested for these 8 containers.
In addition, the company has approximately 20 PH/s from its existing data center operations, which is generating approximately 5 BTC per month.
This would total 178 PH/s and generate approximately 46.5 Bitcoin per month at current difficulty.
The company has approximately $3.0M in cash, in addition to 146.3 Bitcoin in its treasury, for a total treasury of approximately $9.8M with Bitcoin at US$38,000.
Fortress Technologies is a bitcoin mining company focused on developing projects where access to growth capital is highly valued while advancing ESG and environmentally conscious business initiatives.
Fortress Technologies Inc. (FORT) opened trading at C$0.305 per share.