FORT Provides Corporate Update on Strategic Venture with GAM TORONTO, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Fortress Technologies Inc. (TSX-V: FORT) (the "Company" or “Fortress”) provides an update on operations and business development in its strategic venture with Great American Mining LLC (“GAM” or “Great American Mining”). GAM specializes in developing and operating environmentally sustainable Bitcoin mining containers which convert vented/flared natural gas into electricity, which reduces greenhouse gas emissions.
The Fortress and GAM Bitcoin mining operating hashrate is now 52 PH/s for the first 4 containers in the field, which will collectively produce approximately 13.7 Bitcoin per month (based on current difficulty levels).
As previously announced, Fortress recently acquired an additional 540 Micro BT M31SE ASIC miners, to outfit 3 additional containers with GAM. These 3 containers have been successfully commissioned over the weekend at the gas fields in North Dakota, with all flared gas conversion and electrical systems implemented. Fortress is pleased to announce these 3 new containers with 540 MicroBT M31SE miners are all hashing and generating approximately 41 PH/s of Bitcoin mining capacity. These containers are now reducing emissions of methane through the conversion of flared gas into electrical energy - and will produce approximately 10.6 Bitcoin per month at current difficulty levels. With the 11.7 PH/s from the first container which has been operating in Oklahoma, the total is approximately 52 PH/s of current Bitcoin mining capacity from the first four FORT/GAM containers.
Additionally, the Company recently announced it has purchased 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 described in the Company’s June 25, 2021 press release. 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.
In addition to this, 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 of Bitcoin mining capacity, and is consistent with the Company’s previous projections in April 2021 to achieve approximately 180 PH/s upon completion of this initial stage of the strategic venture with Great American Mining.
Furthermore, the Company is in a strong financial position with approximately $3.0M CAD in cash, in addition to 148.3 Bitcoin in its treasury, for total treasury of approximately $9.8M CAD with Bitcoin at $38,000 USD. The Company is pleased to state that it is currently cash flow positive from existing operations (based on the IFRS revenue and monthly cash operating expenses).
About Fortress Technologies
Fortress Technologies Inc. (TSX-V: FORT) is a well-capitalized company focused on developing projects where access to growth capital is highly valued, which can also advance ESG and environmentally conscious business initiatives.
For further information, please contact:
Aydin Kilic
Chief Executive Officer
604 477 9997
ir@fortressblockchain.io