NEW YORK, Jan. 17, 2023 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter often called “Future FinTech”, “FTFT” or the “Agency”), a blockchain software program developer and a fintech service provider, launched right now that its Paraguayan wholly-owned subsidiary FTFT Paraguay S.A. (“FTFT Paraguay”) has completed the first constructing a part of its cryptocurrency mining farm positioned in Mariano Roque Alonso, Paraguay, and the farm has been powered on and begun operations.
The Paraguayan cryptocurrency mining farm has a functionality of three megawatts and should accommodate approximately 900 mining machines. In the mean time, there are 4 well-equipped mobile crypto mining containers that help plenty of mining rigs and one maintenance container on website online. On December 30, 2022, the first batch of Antminer S19 assortment mining machines hosted by FTFT Paraguay on its mining farm for its purchasers completed their power-on checks and have been formally put into operation.
An important attribute of cryptocurrency mining in Paraguay is that it makes use of hydroelectric, environmentally-friendly clear energy attributable to Paraguay’s ITAIPU Hydroelectric Dam. The dam, which is doubtless one of many largest hydroelectric dams on this planet, has an put in period functionality of 14 gigawatts (according to Wikipedia). Paraguay encourages cryptocurrency enchancment attributable to its unused hydropower functionality which provides an distinctive different for FTFT to interact in cryptocurrency enterprise actions in Paraguay. The Paraguayan authorities has given strong help to FTFT relating to mine website online selection, power functionality and electrical power working prices. FTFT believes that its blockchain expertise and experience along with its need for native workers is of revenue to Paraguay.
Mr. Xu Kai, Vice President of Future FinTech’s Blockchain Division, acknowledged, “I am very happy that our FTFT Paraguay cryptocurrency mining farm has effectively deployed its first batch of mining machines. The first mission half, anticipated to be completed in 2023, is for the event of two medium-sized mining farms of 15MW each to comprehend an entire of a minimum of 30MW of processing power. Our second mission half, anticipated to be completed in 2024 and 2025, is specializing in 100MW of processing power.”
“FTFT’s cryptocurrency mining farm in northwest Ohio has had its first batch of mining machine in operation beginning in October 2022, and the Ohio project is anticipated to deploy roughly 12,000 S19 Antminers and accommodate about 1.3 EH/s of hash power upon completion of Half One of the mission. For the model new mission in Paraguay, we’re using sustainable renewable energy to develop cryptocurrency mining farms to be eco-friendly and to protected comparatively low sustainable working costs, while we’re moreover devoted to rising mining farms on a cheap basis. We take into account that our funding inside the cryptocurrency mining commerce will generate sturdy mining hash computing power which may finish in optimistic returns to our shareholders.” Mr. Xu concluded.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a blockchain software program experience developer and fintech service provider built-in in Florida. The Agency’s operations embody a blockchain-based on-line buying mall platform, Chain Cloud Mall (“CCM”), present chain financing firms, asset administration, cryptocurrency mining, money change service and cryptocurrency market information firms. The Agency is moreover rising blockchain-based e-Commerce experience, cryptocurrency funding administration, and financial service experience firms. For further data, please go to http://www.ftft.com/.
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SOURCE Future FinTech Group Inc.
