A $100M Zcash Mining Play? Fortitude’s 2027 Bitmain Deal Is Only an LOI

Fortitude Mining signed a letter of intent (LOI) with Bitmain for priority access to next‑generation Zcash (ZEC) mining equipment, with an indicative purchase commitment of up to $100 million, according to the source article. Final pricing and specifications are still pending, and the commitment is non‑binding until a definitive purchase agreement is signed. Shipments are targeted for the second quarter of 2027, per the same source.

A rare, concentrated Zcash hardware push

The source frames the move as notable because most large public miners have focused on bitcoin, describing Fortitude’s prospective $100 million hardware outlay as an unusually concentrated bet on a smaller proof‑of‑work network. Fortitude’s CEO Jaime Leverton said, “Fortitude’s vision is to be the largest vertically‑integrated zcash mining platform,” adding that early access to Bitmain’s forthcoming hardware could help the company expand with more efficient equipment as it becomes available. A Bitmain executive called the agreement an important milestone for the Zcash mining ecosystem, citing Fortitude’s power, infrastructure, and operating footprint, according to the source.

Footprint today

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, the source states.

Financing: DCG lifts the credit line

Digital Currency Group (DCG) increased its credit commitment to Fortitude from $50 million to $70 million, giving Fortitude about $42.7 million of remaining borrowing capacity before an expected near‑term draw, per the source article. The Bitmain LOI requires a refundable $20 million deposit. Fortitude plans to borrow that amount from DCG, receive the draw in ZEC, then sell the tokens to fund the payment, according to the source. The company 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 be about $47.3 million, the source reports.

Public‑market path

Fortitude is pursuing a previously announced business combination with Heartsciences (Nasdaq: HSCS). If completed, the transaction would provide access to public capital markets as Fortitude scales its Zcash operations and broader mining infrastructure, according to the source.

What’s not locked in

The LOI remains non‑binding; final pricing, specifications, and a definitive agreement are outstanding. The source also cites Grayscale estimates that Zcash mining rewards are roughly twice Bitcoin’s per machine and four times higher per unit of electricity, but does not provide additional context for that estimate.