Fortitude Mining Secures $100 Million Equipment Deal with BITMAIN

Fortitude Mining Holdings has taken a significant step to expand its Zcash mining operations by signing a non-binding letter of intent with BITMAIN for priority access to up to $100 million in next-generation mining equipment. The agreement covers devices that are not yet commercially available, giving Fortitude an early advantage in the market.

The company currently operates approximately 4.7 GSol/s of mining capacity and has over 60 MW of contracted power capacity across seven facilities. In July, Fortitude also secured a deal to purchase 9,000 Antminer Z15 Pro devices for about $31.5 million, which is expected to add 7.56 GSol/s of capacity to its operations.

To finance this new equipment plan, Fortitude requires a $20 million refundable deposit for the priority allocation. The company plans to borrow this amount this week, with its parent company, Digital Currency Group (DCG), expected to finance the borrowing in ZEC. DCG recently increased Fortitude’s credit line from $50 million to $70 million, leaving approximately $42.7 million in borrowing capacity available.