Fortress Technologies Inc., which is focused on the technology industry, disclosed the launch of a new Environmental, Social, and Governance conscious Bitcoin mining venture.
This project came to life in partnership with Great American Mining, which is a firm that aims to solve the issues that come from mining, like converting stranded gas into bitcoin mining power.
“Through my experience as the co-founder of Bitfarms, one of the largest and most successful Bitcoin mining companies in the world, I have come to appreciate that institutional investors would like to deploy capital into Bitcoin but not at all costs. The single biggest hurdle for these investors appears to be the environmental footprint caused by conventional Bitcoin mining.”Roy Sebag, Chairman of Fortress Technologies Inc. said.
The $15 million Fortress Technologies is investing will go to mining equipment that Great American mining will provide. The company expects to go from 19.5 to 180 peta hashes per second (PH/s) within three or four months, starting in May.
“I believe the team at Great American Mining exhibits the right qualities having the execution capabilities as well as the passion to succeed. We are honored to be partnering with them in this venture. With this transaction, Fortress formally enters the field as a well-capitalized publicly-traded company mining Bitcoin while doing well by nature. This theme of doing well by nature, improving the quality of our planet and our soil, and reducing the global carbon footprint indeed will become a mission statement for Fortress and part of our business activity going forward.”Sebag added.
One of the major issues of Bitcoin mining is without a doubt its energy consumption. This is what Great American Mining is trying to achieve through its environment-friendly technology. Basically, this technology catches the methane gas that is wasted during mining and turns it into a source of energy for more Bitcoin mining.