Future FinTech Announces that its Ohio Cryptocurrency Mining Farm is Operational as it Deploys the First Phase of Mining Machines
Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a blockchain application technology developer and a fintech service provider, announced today that its wholly-owned subsidiary, FTFT SuperComputing Inc. ("FTFT SuperComputing"), has completed the first construction phase of the build-out of its cryptocurrency mining farm in northwest Ohio. Following testing procedures, on October 24, 2022, the first batch Antminer S19 series mining machines were successfully put into operation.
As announced in May 2022, FTFT Supercomputing entered into an electricity sales and purchase agreement with the electricity supplier Champion Energy Services, LLC, and the transmission of electricity for the Ohio cryptocurrency mining farm was enabled on July 1, 2022.
Mr. Kai Xu, Vice President of Future FinTech's Blockchain Division, said, "We are pleased to have successfully deployed the first batch of Antminer S19 series mining machines in our Ohio cryptocurrency mining farm, which is the initial step of the first phase of the project to deploy approximately 12,000 S19 Antminers and accommodate about 1.3 EH/s of hash power in Ohio. Our strategic plan for this business segment is to develop cryptocurrency mining farms in different regions of the world and accelerate their deployment by using our own capabilities or through cooperation agreements with strong partners. We believe that our cryptocurrency mining farm in Ohio will be successful and will meet the goals that we have set out for it."