Fortitude Mining Holdings, the Zcash mining platform owned by Barry Silbert’s Digital Currency Group (DCG), reported net losses of $12.6 million in 2025, adding to $14.3 million in 2024 and $4.6 million in Q1 2026. While ZEC surged 1,000% over the past 12 months and 1,400% over three years, only 28% of Fortitude’s mining revenue came from ZEC, versus 65% from BTC. The company signed a $26 million credit facility on June 1, drawing over $8.3 million before publishing its pitch deck on June 23, and ended the year with less than $10 million in cash. The reported adjusted EBITDA of $20 million was calculated by adding back approximately $32 million in depreciation, a real and inescapable cost for a mining company whose rigs physically wear out.
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