Fortitude posts $21M revenue as Zcash mining expands

Fortitude Mining Holdings posted nearly $21 million and $8.5 million of Adjusted EBITDA for the second quarter, as the Zcash miner expanded its operating footprint, according to a Thursday press release.

The company reported mining over 33,600 ZEC during the quarter. Its average operating hash rate reached 4.0 GSol/s, while recent site and fleet expansions pushed its controlled power portfolio above 60 MW across seven locations.

Fortitude said the quarter’s financial performance was driven by ZEC hashprice and hashrate across its fleet, with Adjusted EBITDA reflecting strong operating cash generation from its ZEC-focused strategy.

The miner is also doubling down on its planned merger with HeartSciences, purchasing about $1 million worth of the Nasdaq-listed company’s shares in a private placement. The deal covered 411,522 shares at $2.43 each and lifted Fortitude’s stake in HeartSciences to approximately 9.4%.

The investment will help fund HeartSciences’ expenses ahead of the proposed business combination, which remains targeted for completion in the second half of 2026. The transaction is expected to bring Fortitude’s vertically integrated Zcash mining operation to the public markets.