Australia markets open in 4 hours 59 minutes
  • ALL ORDS

    7,543.60
    +7.50 (+0.10%)
     
  • AUD/USD

    0.7004
    -0.0090 (-1.27%)
     
  • ASX 200

    7,241.20
    +16.00 (+0.22%)
     
  • OIL

    66.22
    -0.28 (-0.42%)
     
  • GOLD

    1,782.10
    +21.40 (+1.22%)
     
  • BTC-AUD

    70,384.43
    +873.72 (+1.26%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     

Fortress Technologies Provides Corporate Update on Strategic Venture with GAM

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

TORONTO, October 22, 2021--(BUSINESS WIRE)--Fortress Technologies Inc. (TSX-V: FORT) (the "Company" or "Fortress"), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to provide an update on operations and business development in its strategic venture with Great American Mining ("GAM"). GAM’s containerized bitcoin mining datacenters 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.

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’s ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005409/en/

Contacts

Sean Ty
Chief Financial Officer
604 477 9997
ir@fortressblockchain.io

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting