Future Fintech (FTFT.US) signs a cooperation agreement to build a cryptocurrency mine in the United States

Time:2021-12-24 Source: 1187 views Mining Copy share

A leading blockchain technology-based e-commerce and financial technology service provider-Future Fintech Group (FTFT.US) today announced that the company and APC Service Ltd. ("APC") have signed a cooperation agreement ("Agreement") in Ohio, the United States established a joint venture to build a cryptocurrency mine. The total scale of the cryptocurrency mine is 300 MW, and the scale of the first phase of the project is 50 MW. When the first stage of the mine is completed, 12,000 S19 Antminers can be deployed, with a pre-calculation power of 1.3EH/s.

According to the agreement, the company will set up a wholly-owned subsidiary "FTFT Supercomputing Center" in Ohio, USA to carry out investment and construction of cryptocurrency mining operations. APC has the right to purchase 30% of the FTFT Supercomputing Center shares within 365 days after the completion of the first phase of the mine. The cryptocurrency mine project is divided into six phases, each with a capacity of 50 MW. Each phase has an investment budget of 10 million U.S. dollars and a total capacity of 300 MW. The estimated total investment is 62 million U.S. dollars. Among them, the first phase project of 12 million US dollars will be used for land acquisition, plant renovation and power system upgrade. The cryptocurrency mine is located near the power plant, and the first phase of the project is expected to be completed and put into operation in June 2022.

More complete information about the agreement is contained in the 8-K and its attachments filed with the U.S. Securities and Exchange Commission on December 16, 2021.

Mr. Huang Shanchun, CEO of Future Fintech, said, “FTFT is actively planning and formulating a global expansion strategy for the cryptocurrency mining business. We plan to use sustainable renewable energy in different parts of the world to develop and construct relatively low-cost cryptocurrency mines. , And use our capabilities or the resources of our partners to accelerate deployment. We believe that the establishment of a cryptocurrency mine in Ohio, USA with APC will bring both parties a win-win situation."

APC CEO Matt Liu said, "We are very happy to reach a cooperation agreement with Future Fintech. APC is headquartered in Hong Kong and specializes in environmental technology research and development, energy conservation, and environmental protection engineering design and construction. We have rich experience in international engineering project management. . FTFT as a leading blockchain technology company and its cooperation will enable us to achieve the goal of using renewable energy for Bitcoin mining. We believe that based on the expertise of both parties, an efficient and high-yielding cryptocurrency mining farm will be built ."

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