YORK, Jan. 17, 2023 /PRNewswire/ -- Future
FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as
"Future FinTech", "FTFT" or the "Company"), a blockchain
application developer and a fintech service
provider, announced today that its Paraguayan wholly-owned
subsidiary FTFT Paraguay S.A. ("FTFT Paraguay") has completed the
first construction phase of its cryptocurrency mining
farm located in Mariano Roque
Alonso, Paraguay, and the
farm has been powered on and begun operations.
The Paraguayan cryptocurrency mining farm has a
capacity of three megawatts and can accommodate approximately 900 mining machines. Currently, there
are four well-equipped mobile crypto mining containers
that support multiple mining rigs and one maintenance container on
site. On December 30, 2022, the first
batch of Antminer S19 series mining machines hosted by FTFT
Paraguay on its mining farm for its customers completed their
power-on tests and were officially put into operation.
An important feature of cryptocurrency mining in
Paraguay is that it uses
hydroelectric, environmentally-friendly clean energy due to
Paraguay's ITAIPU Hydroelectric
Dam. The dam, which is one of the largest hydroelectric dams in the
world, has an installed generation capacity of 14
gigawatts (according to
Wikipedia). Paraguay encourages
cryptocurrency development due to its unused hydropower capacity which
provides an exceptional opportunity for FTFT to engage in cryptocurrency
business activities in Paraguay.
The Paraguayan government has given strong support to FTFT in terms
of mine site selection, power capacity and electricity operating
charges. FTFT believes that its
blockchain expertise and technology as well as its need for local
workers is of benefit to Paraguay.
Mr. Xu Kai, Vice President of
Future FinTech's Blockchain Division, said, "I am very pleased that
our FTFT Paraguay cryptocurrency mining farm has
successfully deployed its first batch of mining machines. The first
project phase, expected to be completed in 2023, is for the
construction of two medium-sized mining farms of 15MW each to
achieve a total of at least 30MW of processing power. Our second
project phase, expected to be completed in 2024 and 2025, is targeting 100MW of processing power."
"FTFT's cryptocurrency mining farm in northwest
had its first batch of mining machine in operation beginning in October 2022, and the
Ohio project is expected to
deploy approximately 12,000 S19 Antminers and accommodate about 1.3
EH/s of hash power upon completion of
Phase One of the project. For the new project in
Paraguay, we are using sustainable
renewable energy to develop cryptocurrency mining
farms to be eco-friendly and to secure relatively low sustainable
operating costs, while we are also
committed to developing mining farms on a cost-effective basis. We
believe that our investment in the cryptocurrency
mining industry will generate robust
mining hash computing power which will result in positive
returns to our shareholders." Mr. Xu concluded.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a blockchain application technology developer and fintech service
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
The Company is also developing blockchain-based e-Commerce technology, cryptocurrency
management, and financial service technology businesses. For
please visit http://www.ftft.com/.
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Future FinTech Group Inc.
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SOURCE Future FinTech Group Inc.