TORONTO, June 25, 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”). GAM specializes in developing and operating environmentally sustainable Bitcoin mining containers which convert vented/flared natural gas into electricity, which reduces greenhouse gas emissions. On April 6, 2021, Fortress announced the launch of a new Environmental, Social, and Governance (“ESG”) conscious Bitcoin mining venture with GAM.
The first container with 11.6 PH/s of Bitcoin mining capacity using 180 MicroBT M32S ASIC miners has been successfully deployed and is hashing at GAM’S flared gas well pad in Oklahoma.
Fortress recently acquired an additional 540 Micro BT M31SE ASIC miners, which will outfit GAM's next 3 containers to be deployed in July and produce an additional 40.4 PH/s.
This will bring the Fortress and GAM Bitcoin mining operating hashrate to 52 PH/s for the first 4 containers in the field - producing approximately 10 Bitcoin per month at current difficulty levels.
Aydin Kilic, CEO of Fortress, had the opportunity to visit the engineering and development team at GAM’s production headquarters in Louisiana. Aydin Kilic commented: “We were very pleased with the level of in-house sophistication and design innovation at GAM’s production facility in Louisiana, which includes electrical distribution, IT, welding and software and hardware systems integration.”
Fortress initially commissioned and has paid for 12 containers in its strategic venture with GAM, to operate 2,160 new generation ASIC miners (180 miners per container). With 4 containers being deployed in the field this July, the remaining 8 containers are on the production line and can be deployed in the gas fields within approximately a month of ASICs being acquired.
Fortress continues to strategically evaluate opportunities to acquire ASIC miners at a competitive $/TH (USD per tera-hash) price to ensure a good return on capital invested for the remaining 8 containers.
These remaining 8 containers are expected to produce an additional 110 PH/s of Bitcoin mining hashrate, along with the Company’s existing capacity of 52 PH/s from 4 containers. Upon the deployment of all 12 containers and ASICs, the Company expects to have 162 PH/s of Fortress/GAM containers in addition to 20 PH/s from the Company’s existing data center operations. This would total 182 PH/s and generate approximately 36 Bitcoin per month at current difficulty. The Company notes it is fully funded for deploying the 12 containers with ASICs, and retains a strong working capital balance for further business opportunities.
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