Future Fintech (FTFT.US) signs cooperation agreement to develop cryptocurrency mine in United States

Future Fintech Group (FTFT.US), responsible for e-commerce and financial services based on blockchain technology, today announced that the company and APC Service Ltd. ("APC") has entered into a partnership agreement ("Agreement") in the State of Ohio ("Agreement"). , The United States has set up a joint venture to create a cryptocurrency mine. The total size of the cryptocurrency mine is 300 MW and the scale of the first phase of the project is 50 MW. At the end of phase 1 of the mine, 12,000 Antminers S19 can be delivered with a pre-counting power of 1.3 pe / s.

Under the agreement, the company will establish a full-fledged "FTFT Supercomputing Center" in Ohio, United States, to provide investment and development opportunities for the cryptocurrency mining industry. . APC reserves the right to purchase 30% of the shares of FTFT Supercomputing Center within 365 days of the completion of the first phase of the mine. The cryptocurrency mining project is divided into 6 phases, each phase has a size of 50 MW, each phase has a total investment capacity of $ 10 million, a total capacity of 300 MW, and a total investment of $ 62 million. Of these $ 12 million, the first phase of the project will be used to acquire land, rehabilitate factories and improve energy. The cryptocurrency mine is near the power plant and the first phase of the project is expected to be completed and operational by June 2022.

Further information on the contract includes 8-K and documents related to the United States Securities and Exchange Commission on December 16, 2021.

Huang Shannchun, CEO of Future Fintech, said, “FTFT is planning and developing a global expansion strategy for its cryptocurrency mining business,” said Huang Shannchun, CEO of Future Fintech. , and use the capabilities or resources of our partners for referrals. We believe that establishing a cryptocurrency mine in Ohio, United States with APC will bring a win-win situation for both parties. "

APC CEO Matt Liu said, “We are very pleased to have signed a partnership agreement with Future Fintech. APC is based in Hong Kong and specializes in the research and development environment. knowledge, "he said. Its goal is to leverage renewable energy for Bitcoin mining by working with blockchain technology companies. Farm mining will be established."