ONE COMPANY MINES 28 PERCENT OF ALL NEW ZCASH — IT IS GOING PUBLIC INSIDE AN AI HEART-MONITOR COMPANY — AND DCG KEEPS 95 PERCENT

Fortitude Mining Holdings named Jaime Leverton chief executive, effective Monday. She ran Hut 8. That is the press release.

The numbers under it are the story.

In the six months to June 30, Fortitude mined 72,696 ZEC. The company puts that at about 28 percent of everything the Zcash network produced in the period. Second quarter revenue was $20.9 million. It runs more than sixty megawatts across seven sites in South Dakota, Nebraska, Texas and New York, and in May it ordered nine thousand Antminer Z15 Pro units from Bitmain.

Fortitude is wholly owned by DCG. It began as the self-mining arm of Foundry.

So better than a quarter of a proof-of-work network’s new supply comes out of one private company with one owner. Bitcoiners argue about pool concentration constantly. This is the version where the concentration is not a pool. It is a cap table.

Barry Silbert, quoted in the release: “Our conviction in Zcash and financial privacy as an enduring investment theme has only grown.”

Now the listing. Fortitude is merging into HeartSciences, which describes itself as “a healthcare information technology company advancing the use of ECG/EKGs through the integration of artificial intelligence.” The heart-monitor business stays on as a unit. The combined company takes the Fortitude name and the ticker TUDE, and expects to close in the fourth quarter.

One number from the June announcement finishes it. DCG is expected to own about 95 percent at closing, fully diluted.

It goes public. Five percent of it does.