Future FinTech Enters into Bitcoin Mining Hosting Agreement for its Cryptocurrency Farm in Norwalk, Ohio
NEW YORK, March 26, 2024 /PRNewswire/ -- Future Fintech Group Inc. (NASDAQ: FTFT), (hereinafter referred to as "Future FinTech", "FTFT" or the "Company"), a comprehensive financial and digital technology service provider, announced today that on March 15, 2024, its wholly-owned subsidiary, FTFT SuperComputing Inc. ("FTFT SuperComputing"), signed a data mining hosting agreement (the "Agreement") with Teracrypto Technology LLC ("Teracrypto") which stipulates that FTFT SuperComputing will provide hosting services for Teracrypto's bitcoin models on its cryptocurrency farm in Norwalk, Ohio.
The Agreement specifies that Teracrypto's bitcoin miners would include models such as the Antminer S19j Pro, and that the maximum total power load that FTFT SuperComputing would provide is 3.0 MW, although FTFT SuperComputing does not guarantee that the total power load will reach this level. The final calculation of the total server load will be based on the actual number of bitcoin miner installations. The monthly unit hosting fee per bitcoin miner unit will comprise FTFT SuperComputing's unit hosting fee, scaled pricing based on KwH usage ranges and calculations based on the average bitcoin closing price per the applicable month.
FTFT SuperComputing is responsible for providing the hosting site, and installing, testing and operating the bitcoin miners. It has also agreed to provide continuous electrical power supply for the bitcoin miners as they are intended to be online 95% of each calendar year minus 36 days for regular maintenance. The Agreement will be in force from March 15, 2024 to February 28, 2028.
Mr. Kai Xu, Chief Inspector of Future FinTech's Blockchain Division, said, "We are pleased to have entered into this agreement with Teracrypto to provide them with our hosting services and the power supply for them to engage in bitcoin mining on our cryptocurrency mining farm in the US. We view the timing as fortuitous for cryptocurrency mining as Bitcoin prices have recently reached their all-time high and continue to trade at record levels."
"In December 2021, the Company announced its plan to build a cryptocurrency mining farm in the US and our first phase of the project for the leasing of the site, plant development and the upgrading of the power system has been completed. We believe that our hosting services for the mining farm will be successful and that we will meet the goals that we have set out for it."
About Future Fintech Group Inc.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive financial and digital technology service provider. The Company, through its subsidiaries, conducts asset management, brokerage and investment banking services in Hong Kong, operates a cross-border payment business in the United Kingdom, and engages in supply chain trading and finance businesses in China. In addition, the Company has initiated digital asset mining farm operations in the United States. FTFT adheres to the concept of improving financial services with digital and internet technology, and provides its business and individual customers with stable, safe and efficient digital financial services. For more information, please visit www.ftft.com.
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SOURCE Future FinTech Group Inc.
