GAM specializes in developing and operating environmentally sustainable Bitcoin mining containers which convert flared natural gas into electricity thereby reducing greenhouse gas emissions.
The Company has commissioned 12 containers in its strategic venture with GAM, and these can operate 2,160 new generation ASIC miners (or 180 ASIC miners per container). Currently, 4 of these containers are actively hashing in the field producing approximately 52 PH/s.
Methane has a global warming potential that’s 25-80x that of CO2 and the practice of mining Bitcoin with stranded gas reduces the potential emission of methane into the atmosphere. Additionally, the current 4 containers operating in
The remaining 8 containers have been constructed, and 1,440 MicroBT M31S ASIC miners have been shipped from
The company maintains a healthy treasury at quarter end with a Bitcoin a balance of 140.14 as of
Management Changes
Fortress announces that effective
Statement from
“On behalf of the Board of Directors, I would like to thank Aydin for his service and wish him the very best in his new role as COO of Hive. It has been a pleasure to work with Aydin for the past 3 years, as he strives for a high standard of performance, as such Fortress has benefited from his hard work and dedication. On a personal note, I welcome this opportunity to take a more active role in running Fortress as we seek to transform this company into one of the leading ESG conscious bitcoin miners within the public markets.”
Statement from
“As the founder of
About
For further information, please contact:
Chief Financial Officer
604 477 9997
ir@fortressblockchain.io
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
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’ 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.
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