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Net Income of Fortress Technologies Reaches $3.5 Million in Q3


www.financemagnates.com 25 November 2021 14:37, UTC
Reading time: ~2 m

Bitcoin mining infrastructure firm, Fortress Technologies today announced its financial results for the third quarter of 2021. During the period, the company reported a net income of $3.5 million.

Fortress Technologies also maintained a strong balance sheet with a total Bitcoin balance of 129 BTC. Additionally, the company held $5.7 million in cash in Q3 2021. The active hash rate of Fortress increased substantially in the last quarter. According to the company’s estimation, its active hash rate will produce more than 13 BTC per month.

“During the quarter, Fortress more than doubled its active hash rate, deploying another three containers in partnership with Great American Mining (“GAM”). These three containers bring the total number of active containers with GAM to four. Together, these four containers produce approximately 52 PH/s of bitcoin mining hash rate at the Company’s site in North Dakota. Fortress ended the period with an active and contracted hash rate of approximately 72 PH/s and 178 PH/s, respectively, across its two sites in Washington State and North Dakota,” Fortress mentioned.

Leadership

In addition to strong growth in financial numbers and the expansion of its mining capabilities, Fortress also announced the appointment of new leadership in the recent quarter. Antonin “AJ” Scalia and Thomas “Drew” Armstrong joined Fortress as Chief Executive Officer and President/Chief Operating Officer, respectively. The new appointees also replaced Joshua Crumb and Michael Costa on the Company’s board of directors.

“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 163 PH/s across various sites around the United States and expects to deploy an additional 32 PH/s and 534 PH/s in Q4 2021 and 2022, respectively,” the company added.

BTC mining firm GRIID recently received $525 million worth of credit facility from Blockchain.com for its expansion.


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