Future Fintech signs bitcoin mining hosting deal By Investing.com

NORWALK, Ohio – Future Fintech Group Inc. (NASDAQ:FTFT), a financial and digital technology service provider, has entered into a hosting agreement with Teracrypto Technology LLC to support bitcoin mining operations. The deal, effective from March 15, 2024, involves FTFT’s subsidiary, FTFT SuperComputing, providing space and power for Teracrypto’s bitcoin miners at its cryptocurrency farm in Norwalk, Ohio.

The hosting agreement specifies that FTFT SuperComputing will supply a maximum power load of 3.0 MW for Teracrypto’s miners, including models like the Antminer S19j Pro. The monthly hosting fee will be determined by the number of miners installed, their energy consumption, and the average monthly closing price of bitcoin.

FTFT SuperComputing is tasked with the installation, testing, and operation of the miners and is committed to maintaining a continuous power supply, aiming for the miners to be online for 95% of each calendar year, accounting for regular maintenance.

This four-year agreement, set to last until February 28, 2028, comes at a time when bitcoin prices are at record highs, according to Kai Xu, Chief Inspector of Future Fintech’s Blockchain Division. The company, which announced its U.S. cryptocurrency mining farm project in December 2021, has completed the first phase, including site leasing, plant development, and power system upgrades.

Future Fintech Group, listed on NASDAQ, offers a range of financial services including asset management, brokerage, and investment banking through its subsidiaries. It also operates a cross-border payment business in the UK and engages in supply chain trading and finance in China. The company’s expansion into digital asset mining in the U.S. aligns with its strategy to enhance financial services through digital technology.

This announcement includes forward-looking statements subject to risks, uncertainties, and other factors that could affect the company’s actual results, performance, or achievements. The information is based on a press release statement.

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