Future FinTech Enters Into New Bitcoin Mining Hosting Agreement For Its Cryptocurrency Farm In Norwalk, Ohio
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 April 15, 2024, its wholly-owned subsidiary, FTFT SuperComputing Inc. ("FTFT SuperComputing"), signed a data mining hosting agreement (the "Agreement") with Tech Solution Inc. ("Tech Solution") which stipulates that FTFT SuperComputing will provide hosting services for Tech Solution's Bitcoin miners on its cryptocurrency farm in Norwalk, Ohio.
The Agreement specifies that Tech Solution's bitcoin miners would include models such as the Antminer S19j Pro, with a maximum total power load of 4.0 megawatts (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 service fee will be calculated based upon the electricity consumption of Tech Solution's servers and supporting facilities multiplied by the Unit Hosting Fee, with electricity consumption based on the reading of an independent electrical meter installed by Tech Solution to FTFT SuperComputer's servers and the Unit Hosting Fee varies monthly and will be set based on the average Bitcoin monthly price.
FTFT SuperComputing is responsible for providing the hosting site for the Bitcoin miners and Tech Solution is also responsible for the installation, maintenance and operation of the servers and such associated costs. FTFT SuperComputing has also agreed to provide continuous electrical power supply for the bitcoin miners as they are intended to be online 95% for each calendar year minus 36 days for regular maintenance. The Agreement will be in force from April 15, 2024 to April 30, 2025 with billing starting from the actual power-on date.
Mr. Sean Liu, General Manager of FTFT SuperComputing, said, "We are pleased to have entered into this agreement with Tech Solution 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 Ohio. We believe that we provide cost efficiency, infrastructure, security, and the expertise and support necessary to ensure efficient Bitcoin mining and mutual success in this endeavor."
"In December 2021, the Company announced its plan to build a cryptocurrency mining farm in the US, and we subsequently leased the site, developed the plant infrastructure and upgraded the plant's power system. We believe that our hosting services for the mining farm will be successful and generate a substantial return on our investment."