Fortitude Mining has signed a non-binding letter of intent with Bitmain for up to $100 million of the manufacturer's next-generation zcash mining hardware. The DCG-backed miner secured priority access ahead of shipments targeted for the second quarter of 2027, while DCG separately raised Fortitude's credit facility to fund the deal's deposit.
Fortitude Mining is preparing to make a much bigger wager on zcash (ZEC).
Fortitude Locks In Priority Access to 2027 Hardware
The Digital Currency Group-backed miner has entered a letter of intent with Bitmain for priority access to its next-generation zcash mining equipment, with an indicative purchase commitment of up to $100 million. Final pricing and specifications are still pending, so the commitment stays non-binding until the companies sign a definitive purchase agreement, with shipments expected to begin in the second quarter of 2027.
Fortitude already operates roughly 4.7 GSol/s of Equihash hashrate and has more than 60 megawatts of contracted power capacity across seven sites in South Dakota, Nebraska, Texas, and New York. CEO Jaime Leverton said: "Fortitude's vision is to be the largest vertically-integrated zcash mining platform", adding that early access to Bitmain's upcoming hardware could help the company expand with more efficient equipment as it becomes available.
Most large public miners have concentrated on bitcoin, making a potential $100 million hardware commitment centered on zcash an unusually focused bet on a smaller proof-of-work network.
DCG Widens Credit Facility to Cover the Deposit
Fortitude is also expanding its financing capacity to support the potential purchase. DCG increased its credit commitment to Fortitude from $50 million to $70 million, giving the miner roughly $42.7 million of remaining borrowing capacity before an expected near-term draw.
The Bitmain agreement requires a refundable $20 million deposit. Fortitude plans to borrow that amount from DCG, which it expects to receive in ZEC before selling the tokens to fund the payment. The miner 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.
A Public Listing Would Fund Further Expansion
The mining buildout comes as Fortitude moves toward a public listing through a previously announced business combination with Heartsciences, which trades on Nasdaq under the ticker HSCS. If completed, the transaction would give Fortitude access to public capital markets as it expands its zcash operations and broader mining infrastructure.
For a crypto mining industry dominated by bitcoin, that makes this one of the more unusual infrastructure bets to watch heading into 2027.
Source: Businesswire
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