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.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2022 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.