Future Fintech Group Inc. (NASDAQ: FTFT), a leading provider of financial and digital technology services, has inked a hosting agreement with Teracrypto Technology LLC to bolster its bitcoin mining operations. Effective March 15, 2024, the deal sees FTFT’s subsidiary, FTFT SuperComputing, providing space and power for Teracrypto’s bitcoin miners at its cryptocurrency farm located in Norwalk, Ohio.
Under the terms of the hosting agreement, FTFT SuperComputing will furnish a maximum power load of 3.0 MW for Teracrypto’s miners, encompassing models such as the Antminer S19j Pro. The monthly hosting fee will be contingent upon factors including the number of installed miners, their energy consumption, and the average monthly closing price of bitcoin.
FTFT SuperComputing assumes responsibility for the installation, testing, and operation of the miners, pledging to ensure a continuous power supply. The aim is to maintain miner uptime at 95% throughout each calendar year, accounting for routine maintenance.
This strategic four-year agreement, slated to endure until February 28, 2028, arrives amidst a surge in bitcoin prices, as highlighted by Kai Xu, Chief Inspector of Future Fintech’s Blockchain Division. The company, which unveiled its U.S. cryptocurrency mining farm project in December 2021, has completed the initial phase, encompassing site leasing, infrastructure development, and power system enhancements.
Future Fintech Group, a NASDAQ-listed entity, offers a diverse array of financial services, including asset management, brokerage, and investment banking, via its subsidiaries. Additionally, it operates a cross-border payment business in the UK and is actively involved in supply chain trading and finance in China. The company’s foray into digital asset mining in the U.S. aligns seamlessly with its overarching strategy to fortify financial services through digital technology.
It’s worth noting that this announcement contains forward-looking statements, which are subject to risks, uncertainties, and other factors that could potentially impact the company’s actual results, performance, or achievements. The information provided is based on a press release statement.
