NEW YORK, Dec. 17, 2021 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future
FinTech", "FTFT" or "the Company"), a leading blockchain-based
e-commerce business and a fintech service provider, announced today
that the Company signed a Cooperation Agreement (the "Agreement")
with APC Service Ltd. ("APC") to establish a joint venture in
Ohio, to build a cryptocurrency
mining farm with a first project phase of 50MW of processing power,
which, if successful, could be expanded to a total project size of
300MW. When the first phase of the 50 MW
mining site is completed, it is projected that it will deploy
approximately 12,000 S19 Antminers and accommodate about 1.3 EH/s
of hash power.
The Company will first establish a wholly-owned subsidiary, to
be called FTFT Super-computing that is authorized to conduct
business in Ohio to invest in,
develop and operate the cryptocurrency mining farm. As per the
Agreement, APC has the option right to purchase up to 30% of FTFT
Super-computing within 365 days of the completion of first phase of
the mining farm. The overall capacity of the cryptocurrency mining
farm project is projected to be 300MW which will consist of a
build-out of 50 MW of processing power each over six expansion
phases.
The total investment for the FTFT Ohio cryptocurrency mining
farm project is estimated to be
$62 million, with each of the six
stages of the project projected to be $10
million per expansion phase; however, $12 million is being allocated for the first
phase of the project for the acquisition of the site, plant
development and the upgrading of the power system. APC has identified the project site that has an
existing facility for the first phase of the project, which is
expected to be completed by June
2022.
More complete information of the Agreement is set forth in
the Form 8-K and its exhibits filed with the Securities and
Exchange Commission on December 17,
2021.
Mr. Shanchun Huang, Chief
Executive Officer of Future FinTech, said, "We are actively
planning and developing a global expansion strategy for our
cryptocurrency mining business. Our strategic plan for this
business is to develop cryptocurrency mining farms with relatively
low start-up costs and economical sustainable energy in different
regions of the world, and accelerate their deployment using our
capabilities or through cooperation agreements with very strong
partners. We believe that our cooperation agreement with APC to
build a cryptocurrency farm in Ohio will be very positive for both
parties."
Matt Liu, Chief Executive Officer
of APC, said, "We are very pleased to have entered into a
cooperation agreement with Future FinTech. APC is based in
Hong Kong and we are engaged in
environmental technology R&D, energy conservation and
environmental protection engineering design and construction, and
we also have deep experience in managing international engineering
projects. We believe that our partnership with Future FinTech, as a
leading blockchain technology company, will enable us to maintain
our goal of the efficient use of energy for bitcoin mining. We
believe that the two parties bring its own special expertise to the
new enterprise which will result in a highly productive
cryptocurrency farm."
About Future FinTech Group Inc.
Future FinTech Group Inc. is a leading blockchain e-commerce
company and a service provider for financial technology
incorporated in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), and supply chain financing and services. The Company is
also engaged in the development of blockchain based e-Commerce
technology as well as financial technology. For more information,
please visit http://www.ftft.com/.
Safe Harbor Statement
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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
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assumptions, estimates, intentions, and future performance, and
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uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2020 and our other reports and
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Company, or from the Securities and Exchange Commission, including
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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.