Fortitude energizes first greenfield crypto mining project
The company expects the facility to lower operating costs, support flexible grid participation and improve mining economics for its Zcash-focused business.
Fortitude Mining Holdings has energized its newly built 12 MW digital asset mining facility in Grand Island, Nebraska, bringing the site online ahead of full-scale mining operations, according to a Tuesday press release.
The development comes after the company agreed to merge with HeartSciences in a transaction that would list Fortitude’s vertically integrated Zcash mining business on the public markets.
The Grand Island facility is Fortitude’s first greenfield project and increases its owned power portfolio to more than 60 MW across seven facilities spanning Nebraska, South Dakota, Texas and New York.
The company said owning power infrastructure is central to its strategy of lowering mining costs, increasing operational flexibility and creating additional revenue opportunities through grid participation.
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Fortitude estimates electricity costs at the new site will average around $0.045 per kilowatt-hour, helping reduce its direct cash cost to mine Zcash from approximately $70 per coin to about $40 per coin, subject to equipment deployment and market conditions.
According to Fortitude, the site was developed in an area with underutilized electrical capacity between two solar facilities and adjacent to a substation, allowing the company to consume excess power while reducing usage during periods of peak electricity demand.
The company plans to continue expanding its owned-and-operated mining infrastructure through a combination of internally developed facilities and targeted acquisitions across the proof-of-work ecosystem.