Fortitude Mining signs $100M non-binding deal for Bitmain Zcash miners

Fortitude Mining Holdings, Inc. has signed a letter of intent with Bitmain Technologies Delaware Limited for a priority supply allocation of Bitmain's next-generation Zcash mining equipment, according to a company press release. The non-binding commitment covers up to $100 million of equipment that has not yet been commercially released, with shipments expected to begin in the second quarter of 2027.

The agreement requires a refundable deposit equal to 20% of the commitment amount, or $20 million. A binding purchase agreement is contingent on the release of final specifications and pricing. The commitment can be scaled up or down following the equipment's official announcement.

Fortitude currently operates approximately 4.7 GSol/s of Equihash hashrate and holds more than 60 MW of contracted power capacity across seven sites in South Dakota, Nebraska, Texas, and New York. The company has a previously announced order of 9,000 Bitmain Antminer Z15 Pro miners.

In connection with the LOI, Fortitude's parent company, Digital Currency Group, Inc. ("DCG"), increased its credit facility commitment to the company from $50 million to $70 million. Fortitude plans to draw $20 million this week to fund the deposit, which DCG is expected to provide in ZEC — Zcash's native token — for Fortitude to liquidate through market transactions. After that draw, Fortitude will have borrowed approximately $47.3 million under the facility, leaving roughly $22.7 million in remaining borrowing capacity.

DCG may also provide additional ZEC funding to Fortitude beyond the credit facility to support capital requirements through fiscal year 2027.

Fortitude is also continuing to pursue a previously announced proposed business combination with HeartSciences Inc. (Nasdaq: HSCS), which is intended to bring Fortitude to the public markets. The transaction remains subject to HeartSciences shareholder approval and other closing conditions.

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