Cryptocurrency

Fortress purchases 4,500 bitcoin mining machines from Bitmain

Sponsored Links

Bitcoin mining firm, Fortress Technologies has ordered 4,500 Bitmain Antminer S19 Pro machines as it seeks to capture a greater share of mining revenue.

The firm also explained in a press release that the machines will be delivered equally on a monthly basis, from April 2022 to September 2022.

This puts the total monthly machines deliverable at 750 machines per month. It stated, “The machines are expected to be delivered in equal monthly installments from April through September 2022.”

What you should know

According to the announcement, the purchase will more than triple Fortress’ hash rate from 195 petahash per second to 645 PH/s.

READ ALSO:   Bitcoin nears all-time excessive as bitcoin ETF’s first day buying and selling quantity hits $1 billion

It stated, “Fortress Technologies Inc., 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 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.”

READ: Square plans to build an open-source bitcoin mining system

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.

READ ALSO:   Naira falls to N415/$1 at official market as Vice President expressed issues over foreign exchange coverage

In September, there was a change in leadership at Fortress Technologies following the departure of CEO, Aydin Kilic, who joined publicly traded crypto mining firm, Hive Blockchain as president and COO. Antonin Scalia and Drew Armstrong joined Fortress from Galaxy Digital as CEO and COO respectively.

The announcement explained that since the appointment of new leadership in September, Fortress’s contracted hash rate has grown more than 260%.

What they are saying

Drew Armstrong, President and Chief Operating Officer of Fortress Technologies stated, “This purchase order marks an important milestone in our journey to become an industry-leading bitcoin mining company. This is only the beginning.”

AJ Scalia, Fortress’s Chief Executive Officer stated, “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.”

Fortress Technologies is listed on the Toronto stock exchange and it currently trades 0.90 CAD, up 40.62% as of the last trading session.

READ ALSO:   Bitcoin soars to all-time excessive, shoots previous $66,000
Sponsored Links

Leave a Reply

Back to top button