Future FinTech Announces Paraguayan Cryptocurrency Mining Farm is Operational

Rhea-AI Summary

Future FinTech Group (NASDAQ: FTFT) announced that its wholly-owned subsidiary, FTFT Paraguay S.A., has successfully completed the first phase of its cryptocurrency mining farm in Mariano Roque Alonso, Paraguay. The farm, powered by hydroelectric energy, has a capacity of three megawatts and can house approximately 900 mining machines. The initial batch of Antminer S19 mining machines began operations after successful testing on December 30, 2022. FTFT plans to expand its operations with two additional mining farms of 15MW each, aiming for a total capacity of at least 30MW by 2023 and 100MW by 2025.

Positive

• Completion of the first phase of the cryptocurrency mining farm in Paraguay.
• Utilization of environmentally-friendly hydroelectric energy, reducing operational costs.
• Strong governmental support for the project, enhancing operational feasibility.

Negative

• None.

NEW 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 Ohio has 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 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 is also developing blockchain-based e-Commerce technology, cryptocurrency investment management, and financial service technology businesses. For more information, please visit http://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," "expect," "estimate," "continue," "plan," "point to," "project," "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, 2021 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.

IR Contact:
Future FinTech Group Inc.
Tel: +1-888-622-1218
Email: ir@ftft.com 

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SOURCE Future FinTech Group Inc.

FAQ

What is the capacity of FTFT's cryptocurrency mining farm in Paraguay?

The mining farm has a capacity of three megawatts and can accommodate approximately 900 mining machines.

When did FTFT's mining machines in Paraguay begin operations?

The first batch of mining machines began operations on December 30, 2022.

What are FTFT's future expansion plans for the Paraguay mining farm?

FTFT plans to build two additional mining farms of 15MW each, targeting a total of at least 30MW by 2023 and 100MW by 2025.

How is FTFT's mining farm in Paraguay powered?

The mining farm is powered by hydroelectric energy from Paraguay's ITAIPU Hydroelectric Dam.

What type of mining machines does FTFT use in Paraguay?

FTFT utilizes Antminer S19 series mining machines at its Paraguay facility.