- Fortress Technologies (FORT) has launched an ESG Bitcoin mining venture with Great American Mining
- Great American’s technology captures methane waste gas and converts it into a productive energy source for Bitcoin mining
- The partnership will increase Fortress’ hash power from 19.5 PH/s to approximately 180 PH/s within 3-4 months
- The company intends to deploy as much as C$15 million into the partnership
- Fortress Technologies operates a crypto mining business
- Fortress Technologies (FORT) is down 1.49 per cent and is currently trading at $0.66 per share
Fortress Technologies (FORT) has launched an ESG Bitcoin mining venture with Great American Mining.
The partnership will increase the company’s existing Bitcoin production and position it for further growth and investments in Bitcoin mining and greenhouse gas emissions reduction and offset markets.
The partnership will increase Fortress’ overall hash power from 19.5 PH/s to approximately 180 PH/s within 3-4 months.
Great American Mining is a profitable Bitcoin miner that utilizes an environmentally conscious and greenhouse-gas-reducing approach.
Its technology captures methane waste gas and converts it into a productive energy source for Bitcoin mining.
Great American’s focus on off-grid energy generation decreases operational risk over time as demand for on-grid power from Bitcoin miners gets more competitive.
Fortress has advanced Great American an initial sum to purchase mining equipment and begin hashing as early as May 2021.
The company intends to deploy as much as C$15 million into the partnership.
Roy Sebag, Chairman of Fortress Technologies, commented,
“Through my experience as the co-founder of Bitfarms, one of the largest and most successful Bitcoin mining companies in the world, I have come to appreciate that institutional investors would like to deploy capital into Bitcoin but not at all costs.
The single biggest hurdle for these investors appears to be the environmental footprint caused by conventional Bitcoin mining. 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.
I believe the team at Great American Mining exhibits the right qualities having the execution capabilities as well as the passion to succeed. We are honoured to be partnering with them in this venture. With this transaction, Fortress formally enters the field as a well-capitalized publicly traded company mining Bitcoin while doing well by nature.”
Fortress Technologies operates a crypto mining business and is currently evaluating emerging opportunities in the technology sector.
Fortress Technologies (FORT) is down 1.49 per cent and is currently trading at $0.66 per share as of 1:10 pm ET.
