NEW
YORK, April 30, 2024 /PRNewswire/ -- 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."
About Future Fintech Group Inc.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive
financial and digital technology service provider. The Company,
through its subsidiaries, conducts asset management, brokerage and
investment banking services in Hong
Kong, operates a cross-border payment business in the
United Kingdom, and engages in
supply chain trading and finance businesses in China. In addition, the Company has initiated
digital asset mining farm operations in the United States. FTFT adheres to the concept
of improving financial services with digital and internet
technology, and provides its business and individual customers with
stable, safe and efficient digital financial services. For more
information, please visit www.ftft.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
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"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2023 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.