Fortress Tech, GAM bitcoin operation producing 92 PH/s
2021-10-22 12:10 ET - News Release
Shares issued 84,792,684
FORT Close 2021-10-21 C$ 0.73
Mr. Sean Ty reports
FORTRESS TECHNOLOGIES PROVIDES CORPORATE UPDATE ON STRATEGIC VENTURE WITH GAM
Fortress Technologies Inc. has provided an update on operations and business development in its strategic venture with Great American Mining (GAM). GAM's containerized bitcoin mining data centres monetize wasted, stranded, and undervalued gas by using it as a power generation source for bitcoin mining.
With the recent delivery of three additional containers, the Fortress and GAM bitcoin mining operation is now producing 92 PH/s across seven containers in the field. The deployment of these additional three containers brings Fortress's company-level active hash rate to 114 PH/s.
The delivery of the final five containers under the GAM partnership has been delayed due to supply chain disruptions. These containers are expected to be delivered incrementally throughout the course of Q4 2021. Once deployed, the final five containers will bring total hash rate under the Fortress and GAM partnership to 158 PH/s across 12 containers. These final five containers will bring Fortress's company-level active hash rate to 195 PH/s.
"We are excited to deploy these additional containers and utilize more flared gas for bitcoin mining, converting otherwise-wasted energy into the scarcest asset humanity has ever known," said Drew Armstrong, President and Chief Operating Officer of Fortress Technologies. "We appreciate the Great American Mining team and their hard work in overcoming supply chain difficulties to get these containers up and hashing," Armstrong added.
About Fortress Technologies
Fortress Technologies Inc. (TSX-V: FORT) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Fortress believes sound money and cheap, abundant energy are the fundamental ingredients to human progress, and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Fortress owns 114 PH/s across various sites around the United States, with an additional 81 PH/s expected to be delivered by Q4 2021. Fortress is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.
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