Fortitude sold $8.3 million in borrowed Zcash to fund its mining expansion
Fortitude Mining disclosed that it borrowed 5,790.4798 ZEC from parent DCG, sold the coins for about $8.3 million and owes repayment in dollars, so the financing did not require a fresh ZEC purchase. It plans another $20 million draw and liquidation to fund an equipment deposit. A separate contract covers 9,000 Bitmain Z15 Pro miners, scheduled for shipment in October and November; at typical specifications, these would add up to 7.56 GSol/s and draw 25.02 MW if all operate. A further next-generation equipment commitment of up to $100 million is nonbinding, with shipments expected in 2027. Illustrative estimates show a Z15 Pro earning roughly $49.53 in daily subsidy revenue at stated ZEC and network assumptions, less about $5.34 in electricity costs, before other expenses. Added mining work could reduce competing miners’ expected coin rewards, while Fortitude says it monetizes all mined digital assets.
