TORONTO--(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 announce the purchase of 4,500 Bitmain Antminer S19j Pro (100 TH/s) bitcoin mining machines. The machines are expected to be delivered in equal monthly installments from April through September 2022.
The purchase adds 450 PH/s to the Company’s total contracted hash rate, more than tripling its previous contracted hash rate of 195 PH/s. Upon deployment of all 4,500 machines, Fortress’s hash rate is expected to amount to 645 PH/s.
The purchase comes less than two weeks after the Company announced the purchase of 180 Whatsminer M30S machines and the deployment of three additional containers in its strategic venture with Great American Mining. Since the appointment of new leadership in September, Fortress’s contracted hash rate has grown more than 260%.
“This purchase order marks an important milestone in our journey to become an industry-leading bitcoin mining company. This is only the beginning,” said Drew Armstrong, President and Chief Operating Officer of Fortress Technologies.
“We have ambitions to build a category defining business at the intersection of bitcoin mining and energy as these two sectors continue to converge. With this order, Fortress takes a significant step in that direction,” remarked AJ Scalia, Fortress’s Chief Executive Officer.
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.
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.
