TORONTO – Fortress Technologies Inc. (TSX-V: FORT) reported the launch of a new Environmental, Social, and Governance conscious Bitcoin mining venture with Great American Mining, increasing its existing Bitcoin production and positioning the company for further growth and investments in Bitcoin mining and greenhouse gas emissions reduction and offset markets.
Last spring, Fortress decided to allocate balance sheet capital to Bitcoin, recognizing the need to diversify its treasury assets. This move was made months before other more famous investors and publicly traded companies made a similar decision.
In the fall of 2020, Fortress initiated an internal project to seek out opportunities that could grow its Bitcoin mining operations. What concerned the board was the increasing resistance from society to the environmental footprint associated with the Bitcoin mining sector, and consequently they sought an alternative method while also pursuing other ESG related investment opportunities. They say they believed the future of institutional-backed Bitcoin mining would be environmentally conscious and initiated a rigorous research process into various existing and developmental applications.
Ultimately, research led them to Great American Mining, which was profitably mining Bitcoin by utilizing an environmentally conscious and greenhouse gas-reducing approach. Great American Mining’s novel technology captures methane waste gas, a greenhouse gas emitted during the extraction of many hydrocarbon resources and many times more potent than CO2 emissions, and converts the stranded waste gas into a productive energy source for Bitcoin mining. Great American Mining’s operations thereby capture and reduce the emissions of this potent greenhouse gas, while also producing Bitcoin at a price per kWh well below the all-in rates for on-grid miners. Fortress Technologies partnered with the Great American Mining team to scale its overall hash power and Bitcoin mining operations utilizing GAM’s ongoing operating partnerships.
“Through my experience as the co-founder of Bitfarms, one of the largest and most successful Bitcoin mining companies in the world, I have come to appreciate that institutional investors would like to deploy capital into Bitcoin but not at all costs. The single biggest hurdle for these investors appears to be the environmental footprint caused by conventional Bitcoin mining. I believe the future of Bitcoin mining will need to be environmentally conscious, seeking out stranded energy sources and repurposing waste and emitted gases to productively secure the Bitcoin Blockchain, and that both investors as well as the Bitcoin mining community will place a premium on companies who pursue this kind of forward-thinking activity. I believe the team at Great American Mining exhibits the right qualities having the execution capabilities as well as the passion to succeed. We are honored to be partnering with them in this venture. With this transaction, Fortress formally enters the field as a well-capitalized publicly traded company mining Bitcoin while doing well by nature. This theme of doing well by nature, improving the quality of our planet and our soil, and reducing the global carbon footprint indeed will become a mission statement for Fortress and part of our business activity going forward,” said Roy Sebag, Chairman of Fortress Technologies Inc.
Fortress Technologies Inc. (TSX-V: FORT) is a well-capitalized company focused on developing projects where access to growth capital is highly valued, which can also advance ESG and environmentally conscious business initiatives.
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