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ZEC $1,347 Fortitude Lines Up Unreleased Zcash Mining Hardware in Bitmain Deal
Fortitude Mining has secured priority access to unreleased Bitmain Zcash machines under a non-binding letter of intent worth up to $100 million.
Key takeaways
- Up to $100 million. Fortitude's letter of intent with Bitmain covers as much as $100 million of next-generation Zcash mining equipment.
- A $20 million deposit. The refundable deposit equals 20% of the commitment and would come from a DCG credit line.
- Shipping in 2027. Shipments are expected to begin in the second quarter of 2027, with final pricing and specifications still pending.
What happened
Fortitude Mining Holdings has signed a letter of intent with Bitmain for priority access to next-generation Zcash mining machines. The agreement carries a non-binding commitment to buy up to $100 million of the equipment. Final pricing and specifications are still pending, and shipments are expected to begin in the second quarter of 2027.
The letter of intent requires Fortitude to place a refundable $20 million deposit, equal to 20% of the commitment. The company plans to draw that amount from its credit line this week. Digital Currency Group raised Fortitude's credit facility to $70 million from $50 million, leaving about $42.7 million available to borrow. Fortitude expects to receive the borrowed funds in ZEC before selling the tokens to fund the payment.
Fortitude operates about 4.7 GSol/s of Equihash hashrate and controls more than 60 megawatts of contracted power across seven sites in South Dakota, Nebraska, Texas, and New York. The company is also pursuing a previously announced business combination with Heartsciences, which trades on Nasdaq under the ticker HSCS.
Why it matters
Most large public miners have concentrated on bitcoin, which makes a hardware commitment centered on Zcash an unusually focused bet on a smaller proof-of-work network. Grayscale estimates that Zcash mining rewards are roughly twice Bitcoin's per machine and four times higher per unit of electricity. Fortitude is tying hardware access, power capacity, DCG financing and a possible public listing around that thesis.
CEO Jaime Leverton said Fortitude's vision is to be the largest vertically-integrated zcash mining platform. She added that early access to Bitmain's upcoming hardware could help the company expand with more efficient equipment as it becomes available. DCG founder Barry Silbert has previously said Zcash could reach 5% to 10% of Bitcoin's market value over time.
What the data shows
In July, Fortitude agreed to purchase 9,000 Antminer Z15 Pro machines for $31.5 million, and those units would add 7.56 GSol/s of capacity. Zcash traded above $1,370 on Tuesday, gaining 3.6% over 24 hours. Zcash grant approvals reached $8.39 million this month.
Background
DCG spun Fortitude out of Foundry's self-mining business in January 2025. Since then, the company has developed a venture-mining model with Zcash at its core. Fortitude recently borrowed another 5,790 ZEC, valued at about $8.4 million, and liquidated the position for approximately $8.3 million. After the planned $20 million draw, total borrowings under the facility would reach about $47.3 million.
What is still unclear
- Final pricing and specifications remain pending, so the commitment is non-binding until the companies sign a definitive purchase agreement.
- The planned equipment purchase would depend on final terms, equipment availability, and the company's decision to proceed.
- Zcash investment products recorded weekly outflows after earlier demand.
Questions readers ask
What did Fortitude Mining agree to buy from Bitmain?
Fortitude signed a letter of intent for priority access to unreleased Zcash mining machines, with a non-binding commitment of up to $100 million. Shipments are expected to begin in the second quarter of 2027.
How is Fortitude paying the $20 million deposit?
The deposit equals 20% of the commitment and is refundable. Fortitude plans to draw the amount from its credit line this week, DCG raised that facility to $70 million from $50 million, leaving about $42.7 million available.
How large are Fortitude's Zcash mining operations?
Fortitude operates about 4.7 GSol/s of Equihash hashrate and controls more than 60 megawatts of contracted power across seven sites in South Dakota, Nebraska, Texas, and New York.
Is the Bitmain agreement a final order?
No. The report describes it as a non-binding letter of intent giving Fortitude priority access rather than a completed order, and final pricing and specifications are still pending.
