Fortitude Crypto mined 33,646 ZEC in the second quarter of 2026, generating $20.9 million in revenue, according to Q2 results released Wednesday. The company is pursuing a merger with HeartSciences to list on the Nasdaq, with the combination expected to close in the second half of 2026.
Fortitude operates a vertically integrated Zcash mining platform with a hashrate of 4.0 GSol/s. The merger with HeartSciences, announced in June, allows Fortitude to become a public company through a reverse merger rather than an initial public offering. Marathon Digital, Riot Platforms and Core Scientific have all executed or are pursuing similar structures to access public equity markets and institutional capital.
Barry Silbert, founder of Digital Currency Group, posted on X that the Q2 results were "strong" and progress toward the public markets listing was on track. Fortitude competes in a concentrated sector where the largest miners control the majority of hash power on any given protocol. Zcash mining has attracted fewer institutional entrants than Bitcoin or Ethereum networks, potentially reducing competition for block rewards on that chain.
The $20.9 million quarterly revenue positions Fortitude among mid-scale crypto mining operations by output. The company's decision to pursue public markets access through a SPAC-style merger places it alongside other mining firms seeking regulated listings and institutional capital.
Zcash, the privacy-focused blockchain Fortitude mines, has a market capitalization around $2.8 billion as of August 2026. The protocol's smaller miner base and lower aggregate hashrate compared to Bitcoin create different economics for equipment ROI and operational margins, though exact profitability figures for Fortitude remain proprietary.
Fortitude's Q2 hashrate of 4.0 GSol/s represents approximately 15 percent of Zcash's total network hashrate at the time of reporting, making it a material player on that chain. The company will need to file detailed financial statements and operational disclosures with the SEC as part of the HSCS merger, adding transparency requirements that private mining operations do not face. Completion of the merger by year-end 2026 would establish a public benchmark for Zcash mining profitability and operational efficiency that has not existed at that scale before.
The number to watch is the effective date of the merger agreement; if Fortitude and HeartSciences have not closed the combination by December 31, 2026, the H2 timeline will have slipped and SEC filing deadlines will extend into 2027.
