NEW YORK, Dec. 17, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter known as “Future FinTech”, “FTFT” or “the Firm”), a number one blockchain-based e-commerce enterprise and a fintech service supplier, introduced at this time that the Firm signed a Cooperation Settlement (the “Settlement”) with APC Service Ltd. (“APC”) to determine a three way partnership in Ohio, to construct a cryptocurrency mining farm with a primary venture section of 50MW of processing energy, which, if profitable, could possibly be expanded to a complete venture measurement of 300MW. When the primary section of the 50 MW mining website is accomplished, it’s projected that it’s going to deploy roughly 12,000 S19 Antminers and accommodate about 1.3 EH/s of hash energy.
The Firm will first set up a wholly-owned subsidiary, to be referred to as FTFT Tremendous-computing that’s licensed to conduct enterprise in Ohio to spend money on, develop and function the cryptocurrency mining farm. As per the Settlement, APC has the choice proper to buy as much as 30% of FTFT Tremendous-computing inside three hundred and sixty five days of the completion of first section of the mining farm. The general capability of the cryptocurrency mining farm venture is projected to be 300MW which can encompass a build-out of fifty MW of processing energy every over six growth phases.
The full funding for the FTFT Ohio cryptocurrency mining farm venture is estimated to be $62 million, with every of the six phases of the venture projected to be $10 million per growth section; nevertheless, $12 million is being allotted for the primary section of the venture for the acquisition of the positioning, plant growth and the upgrading of the ability system. APC has recognized the venture website that has an current facility for the primary section of the venture, which is predicted to be accomplished by June 2022.
Extra full info of the Settlement is about forth within the Type 8-Ok and its displays filed with the Securities and Change Fee on December 17, 2021.
Mr. Shanchun Huang, Chief Govt Officer of Future FinTech, stated, “We’re actively planning and growing a world growth technique for our cryptocurrency mining enterprise. Our strategic plan for this enterprise is to develop cryptocurrency mining farms with comparatively low start-up prices and economical sustainable vitality in several areas of the world, and speed up their deployment utilizing our capabilities or by way of cooperation agreements with very robust companions. We imagine that our cooperation settlement with APC to construct a cryptocurrency farm in Ohio might be very optimistic for each events.”
Matt Liu, Chief Govt Officer of APC, stated, “We’re more than happy to have entered right into a cooperation settlement with Future FinTech. APC is predicated in Hong Kong and we’re engaged in environmental expertise R&D, vitality conservation and environmental safety engineering design and development, and we even have deep expertise in managing worldwide engineering tasks. We imagine that our partnership with Future FinTech, as a number one blockchain expertise firm, will allow us to keep up our purpose of the environment friendly use of vitality for bitcoin mining. We imagine that the 2 events carry its personal particular experience to the brand new enterprise which can end in a extremely productive cryptocurrency farm.”
About Future FinTech Group Inc.
Future FinTech Group Inc. is a number one blockchain e-commerce firm and a service supplier for monetary expertise integrated in Florida. The Firm’s operations embody a blockchain-based on-line shopping center platform, Chain Cloud Mall (“CCM”), and provide chain financing and providers. The Firm can be engaged within the growth of blockchain based mostly e-Commerce expertise in addition to monetary expertise. For extra info, please go to http://www.ftft.com/.
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SOURCE Future FinTech Group Inc.
