Future FinTech Group Enters Bitcoin Mining Hosting Agreement
Overview of the Agreement
Future FinTech Group Inc. (FTFT), a leader in financial and digital technology services, has announced a key agreement through its subsidiary, FTFT SuperComputing Inc. This agreement involves providing hosting services for Tech Solution Inc.'s Bitcoin miners at their cryptocurrency farm in Norwalk, Ohio. The collaboration aims to leverage FTFT's infrastructure to support efficient Bitcoin mining operations.
Details of the Hosting Agreement
The agreement specifies that Tech Solution's Bitcoin miners, including models like the Antminer S19j Pro, will operate with a maximum total power load of 4.0 megawatts (MW). FTFT SuperComputing will determine the actual power load based on the number of installed Bitcoin miners. A monthly service fee will be based on electricity consumption, calculated by an independent meter, multiplied by a variable Unit Hosting Fee tied to the average monthly Bitcoin price.
Responsibilities and Duration
FTFT SuperComputing will provide the hosting site and ensure a continuous power supply, aiming for 95% uptime annually, excluding 36 days for maintenance. Tech Solution will handle installation, maintenance, and operational costs for the servers. The agreement is set from April 15, 2024, to April 30, 2025, with billing commencing once the miners are operational.
Strategic Significance and Future Prospects
FTFT views this agreement as a strategic step towards enhancing cost efficiency and ensuring robust infrastructure and security for Bitcoin mining. The company has invested in developing the Ohio site since announcing plans in December 2021. This initiative is expected to yield significant returns by capitalizing on the growing Bitcoin mining industry.
By establishing this partnership, FTFT SuperComputing aims to deliver the expertise and support necessary for successful Bitcoin mining, underscoring its commitment to innovation and market growth.
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