Future FinTech Announces Paraguayan Cryptocurrency Mining Farm is Operating
NEW YORK, 17 January 2023 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as “Future FinTech”, “FTFT” or the “Company”), a blockchain application developer and fintech service provider, announced today that its Paraguayan wholly owned subsidiary FTFT Paraguay SA (“FTFT Paraguay”) has completed the first construction phase of its cryptocurrency mining operation located in Mariano Roque Alonso, Paraguayand the farm is switched on and operational.
The Paraguayan cryptocurrency mine farm has a capacity of three megawatts and can accommodate approxtelephone 900 mining machines. There are currently four well-equipped mobiles crypto mining containers supporting multiple mining rigs and an on-site maintenance container. On 30 December 2022the first batch of Antminer S19 series mining machines arranged by FTFT Paraguay at the mining farm for its customers completed the start-up tests and was officially put into operation.
An important feature cryptocurrency mining in Paraguay is that it uses hydropower, environmentally friendly clean energy because Paraguayan ITAIPU hydroelectric dam. The dam, which is one of the largest hydroelectric dams in the world, has an installed production capacity of 14 gigawatts (oneaccording to Wikipedia). Paraguay encourage cryptocurrency development because of its unused hydropower capacity which provides an exceptional opportunity for FTFT to engage inn cryptocurrency commercial activity i Paraguay. The Paraguayan government has provided strong support to FTFT in terms of mine site selection, power capacity and electricity operating costs. FTFT believes that its blockchain expertise and technology as well as the need for local workers benefit Paraguay.
MR. Xu Kaivice president of Future FinTech’s Blockchain Division, said: “I am very happy that our FTFT Paraguay cryptocurrency gruefarm has successfully deployed its first group of mining machines. The first project phase, which is expected to be completed in 2023, is for the construction of two medium-sized mining farms of 15 MW each to achieve a total processing power of at least 30 MW. Our second project phase, which is expected to be completed in 2024 and 2025, is targeted 100MW of processing power.”
“FTFTs cryptocurrency mining in the northwest Ohio have had its first batch of mining machine in operation beginning in October 2022and the Ohio projectect is expected to deploy approximately 12,000 S19 Antminers and accommodate approximately 1.3 EH/s of hash power upon completion of phase one of the project. For the new project in Paraguaywe use sustainable renewable energy to develop cryptocurrency mining to be environmentally friendly and ensure relatively low sustainable operating costs, whowl we are also committed to developing mining farms on a cost-effective basis. We believe that our investment in cryptocurrency the mining industry will generate robust mining hash computing power that will result in a positive return to our shareholders.” Xu concluded.
ONEbuildt Future FinTech Group Inc.
Future FinTech Group Inc. is a blockchain application technology developer and fintech service provider incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), supply chain financing services, asset management, cryptocurrency mining, money transfer service and cryptocurrency market data services. The company also develops blockchain-based e-commerce technology, cryptocurrency investment management and financial services technology. For more information, please visit http://www.ftft.com/.
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