NEW YORK, January 17, 2023 /PRNewswire/ --
Future of Fintech Group Inc. (NASDAQ: ftft) (hereinafter "Future FinTech", "FTFT" or the "Company"), a blockchain application developer and fintech service provider,
Today, Paraguayan subsidiary FTFT Paraguay SA ("FTFT Paraguay") announced that the first phase of construction of a cryptocurrency mining farm located in Mariano Roque Alonso, Paraguay has been completed and the mine is operational. .
Cryptocurrency mining FTFT Paraguay
FTFT cryptocurrency mining farm in Ohio, USA
The cryptocurrency mining farm in Paraguay has a capacity of three megawatts and can accommodate around 900 mining machines. There are currently four well-equipped mobile cryptocurrency mining vessels that support multiple mining rigs and one container for on-site maintenance. On December 30, 2022, the first batch of Antminer S19 series mining machines hosted by FTFT Paraguay at its customer mining site completed energy testing and was officially launched.
An important feature of cryptocurrency mining in Paraguay is the use of clean and green hydroelectric power thanks to the ITAIPU hydroelectric power plant in Paraguay. The dam, which is one of the largest hydroelectric plants in the world, has an installed generating capacity of 14 gigawatts.
(from Wikipedia). For this reason, Paraguay encourages the development of cryptocurrencies.
unused hydroelectric power plants, which gives FTFT an excellent opportunity to engage in cryptocurrency trading in Paraguay. The Government of Paraguay strongly supported FTFT in terms of electricity site selection, capacity and operating costs. FTFT believes that the experience and technology of blockchain, as well as the need for local workers, is beneficial for Paraguay.
Xu Kai, Vice President of Blockchain Future FinTech, said: "I am very happy that our cryptocurrency mining farm, FTFT Paraguay, has successfully implemented its first batch of mining machines. The first phase of the project, which is expected to be completed in 2023, has a size of 15 MW it involves the construction of two medium-sized mining areas for a total computing power of at least 30 MW.The second phase of our project, which is expected to be completed in 2024 and 2025, is designed for a computing power of 100 MW.
Northwest Ohio Cryptocurrency Mining Farm FTFT launches its first batch of mining machines
Starting in October 2022, the Ohio project will deploy about 12,000 Antminers S19 and is expected to deploy about 1.3 PE/s of hash power by the end of the first phase of the project. In a new project in Paraguay, we are using clean renewable energy sources to develop cryptocurrency mines that are environmentally friendly and offer relatively low ongoing operating costs, with the goal of profitable mining mine development. We believe that your investment in the cryptocurrency mining industry will pay off.
powerful mining computing power that will bring positive returns to our shareholders. Master Xu concluded.
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December 31, 2021
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SOURCE Future FinTech Group Inc.