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.