- TSX-V: CBITC$0.10
- OTCQX: CBTTF US$0.07
- CBIT Total Active Hash Rate: 343 PH/S
Fortress Technologies Announces Update to Purchase of 4,500 Bitmain Antminer S19j Pro Bitcoin Mining Machines
November 2, 2021
TORONTO, Nov. 2, 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 its purchase of 4,500 Bitmain Antminer S19j Pro (100 TH/s) bitcoin mining machines announced on November 1, 2021.
This most recent acquisition is in addition to the recently announced purchase of 180 Whatsminer M30S machines and the deployment of three additional containers in Fortress’s strategic venture with Great American Mining. These machine acquisitions are intended to accelerate Fortress’s contracted hash rate to 645 PH/s upon full deployment, more than tripling the Company’s previously contracted hash rate. The total capital expenditure for machines and related hardware in this most recent purchase is in the range of US$26 million and will be funded using existing working capital and proceeds from the convertible debenture financing announced on October 20, 2021.
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 and expects to deploy an additional 81 PH/s and 450 PH/s in Q4 2021 and 2022, respectively. Upon the full deployment of its purchased machines, Fortress’s hash rate will total 645 PH/s. The Company 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.
For further information, please contact:
Chief Financial Officer
604 477 9997
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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.
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