Home Bitcoin News Bitcoin Mining Fortress Technologies Launches ESG conscious Bitcoin Mining Venture with Great American Mining – GlobeNewswire

Fortress Technologies Launches ESG conscious Bitcoin Mining Venture with Great American Mining – GlobeNewswire

19 min read

TORONTO, April 06, 2021 (GLOBE NEWSWIRE) — Fortress Applied sciences Inc. (TSX-V: FORT) (“Fortress” or the “Firm”) is happy to announce the launch of a brand new Environmental, Social, and Governance (“ESG”) acutely aware Bitcoin mining enterprise with Nice American Mining (“GAM”), thereby growing its current Bitcoin manufacturing and positioning the corporate for additional development and investments in Bitcoin mining and greenhouse gasoline emissions discount and offset markets.

Final spring, Fortress determined to allocate steadiness sheet capital to Bitcoin, recognizing the necessity to diversify its treasury belongings. This transfer was made months earlier than different extra well-known traders and publicly traded firms made the same choice.

Within the fall of 2020, Fortress initiated an inner challenge to hunt out alternatives that would develop our Bitcoin mining operations. What involved our board was the growing resistance from society to the environmental footprint related to the Bitcoin mining sector, and consequently we sought another methodology whereas additionally pursuing different ESG associated funding alternatives. We believed the way forward for institutional-backed Bitcoin mining can be environmentally acutely aware and initiated a rigorous analysis course of into numerous current and developmental functions.

In the end, our analysis led us to a particular firm, Nice American Mining (“GAM”), which was profitably mining Bitcoin by using an environmentally acutely aware and greenhouse gasoline decreasing method. Nice American Mining’s novel expertise captures methane waste gasoline, a greenhouse gasoline emitted throughout the extraction of many hydrocarbon sources and lots of instances stronger than CO2 emissions, and converts the stranded waste gasoline right into a productive power supply for Bitcoin mining. Nice American Mining’s operations thereby seize and scale back the emissions of this potent greenhouse gasoline, whereas additionally producing Bitcoin at a value per kWh effectively beneath the all-in charges for on-grid miners. We had been impressed each with Nice American Mining’s mission and execution, believing this innovation was exactly what was wanted to advance Bitcoin mining right into a extra ESG compliant asset class for institutional traders. Consequently, we’ve got partnered with the Nice American Mining crew to scale our general hash energy and Bitcoin mining operations using GAM’s ongoing working partnerships.

Nice American Mining is exclusive in having a crew with each the talent and expertise to execute massive scale deployments of the kind we’re envisaging, whereas additionally being co-led by a effectively revered and trusted thought chief within the Bitcoin sector, Marty Bent. Whereas many have marveled on the prospect of environmentally acutely aware Bitcoin mining, Nice American Mining has efficiently executed and constructed out the gasoline conversion and electrical infrastructure together with lively PDUs and software program mandatory to manage a decentralized community of mining nodes all through hydrocarbon wealthy fields. Moreover, Nice American Mining’s strategic deal with off-grid power era as a part of the long-term viability of their enterprise is one more reason why we’re excited to companion with them. Mining off-grid considerably decreases operational danger over time as demand for on-grid energy buy agreements from bitcoin miners and different power customers will get extra aggressive.

Moreover, this presents an immense alternative in scale for us to pursue, as all the vented/flared gasoline within the US transformed to electrical energy would yield roughly 7.4 GW, which in flip represents about 50-70% of the entire energy transformed by the Bitcoin community at present.

Operational Deployment Schedule

Fortress has superior GAM an preliminary sum to buy pre-ordered mining tools and start hashing as early as Might. We intend to deploy as a lot as $15 million CAD with Nice American Mining and imagine we are able to improve our firm’s hashpower from 19.5 PH/s to roughly 180 PH/s inside 3-4 months.

“By means of my expertise because the co-founder of Bitfarms, one of many largest and most profitable Bitcoin mining firms on this planet, I’ve come to understand that institutional traders wish to deploy capital into Bitcoin however under no circumstances prices. The only greatest hurdle for these traders seems to be the environmental footprint brought on by standard Bitcoin mining. I imagine the way forward for Bitcoin mining will should be environmentally acutely aware, searching for out stranded power sources and repurposing waste and emitted gases to productively safe the Bitcoin Blockchain, and that each traders in addition to the Bitcoin mining neighborhood will place a premium on firms who pursue this type of forward-thinking exercise. I imagine the crew at Nice American Mining reveals the suitable qualities having the execution capabilities in addition to the fervour to succeed. We’re honored to be partnering with them on this enterprise. With this transaction, Fortress formally enters the sector as a well-capitalized publicly traded firm mining Bitcoin whereas doing effectively by nature. This theme of doing effectively by nature, bettering the standard of our planet and our soil, and decreasing the worldwide carbon footprint certainly will change into a mission assertion for Fortress and a part of our enterprise exercise going ahead,” stated Roy Sebag, Chairman of Fortress Applied sciences Inc.

About Fortress Applied sciences

Fortress Applied sciences Inc. (TSX-V: FORT) is a well-capitalized firm centered on creating tasks the place entry to development capital is extremely valued, which may additionally advance ESG and environmentally acutely aware enterprise initiatives.

For additional info, please contact:

Aydin Kilic
Chief Govt Officer
604 477 9997

Cautionary Assertion

Buying and selling within the securities of the Firm must be thought-about extremely speculative. No inventory change, securities fee or different regulatory authority has accepted or disapproved the knowledge contained herein. Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

Ahead-Trying Statements

This information launch comprises sure “forward-looking info” inside the that means of relevant Canadian securities legal guidelines which might be primarily based on expectations, estimates and projections as on the date of this information launch. The data on this launch about future plans and goals of the Firm, are forward-looking info. Different forward-looking info consists of however isn’t restricted to info regarding: the institution and prospects for the Bitcoin mining enterprise with Nice American Mining (“GAM”); the intentions, plans and future actions of the Firm, in addition to the Firm’ capability to efficiently mine digital forex; income growing as at present anticipated; the flexibility to profitably liquidate present and future digital forex stock; volatility of community problem and, digital forex costs and the ensuing important damaging affect on the Firm’s operations; the development and operation of expanded blockchain infrastructure as at present deliberate; and the regulatory atmosphere of cryptocurrency in relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases resembling “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “price range”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “would”, “may” or “will” be taken to happen or be achieved) are usually not statements of historic reality and could also be forward-looking info and are supposed to establish forward-looking info.

This forward-looking info is predicated on cheap assumptions and estimates of administration of the Firm on the time it was made, and entails recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embody, amongst others, dangers referring to: the shortcoming to function the Bitcoin mining enterprise with GAM on a worthwhile foundation or in any respect and thereby impairing the funding within the enterprise; the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing; the aggressive nature of the trade; forex change dangers; the necessity for the Firm to handle its deliberate development and growth; the results of product growth and wish for continued expertise change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the flexibility of the Firm to take care of correctly working methods; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit elements which might affect future outcomes of the enterprise of the Firm embody however are usually not restricted to: the flexibility to ascertain the Bitcoin mining enterprise with GAM on the agreed schedule in accordance with the contract phrases and the potential for additional enhancements to profitability and effectivity throughout mining operations; the development and operation of blockchain infrastructure could not happen as at present deliberate, or in any respect; growth could not materialize as at present anticipated, or in any respect; the digital forex market; the flexibility to efficiently mine digital forex; income could not improve as at present anticipated, or in any respect; it is probably not potential to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a big damaging affect on operations; a rise in community problem could have a big damaging affect on operations; the volatility of digital forex costs; the flexibility to finish present and future financings; any rules or legal guidelines that can forestall the Firm from working its enterprise; historic costs of digital currencies and the flexibility to mine digital currencies that shall be per historic costs; an lack of ability to foretell and counteract the results of COVID-19 on the enterprise of the Firm, together with however not restricted to the results of COVID-19 on the worth of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, there shall be no regulation or regulation that can forestall the Firm from working its enterprise. The Firm has additionally assumed that no important occasions happen outdoors of the Firm’s regular course of enterprise. Though the Firm has tried to establish essential elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There might be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info aside from as required by regulation.

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