Fortitude sold $8.3 million in borrowed Zcash to fund its mining expansion

Zcash mining operator Fortitude Mining’s expansion shows how investment in infrastructure can bring existing ZEC to market without requiring the miner to buy the token first. The company can receive ZEC through borrowing from its parent, Digital Currency Group, sell it for cash and owe dollars. That route has already produced a disclosed sale. In its October 5 announcement , Fortitude said it had received 5,790.4798 ZEC through a roughly $8.4 million draw the previous week, then liquidated those coins for about $8.3 million. The distinction matters during the company’s scheduled October–November equipment shipment window.

Source: CryptoSlate