Future FinTech Group Inc. (NASDAQ: FTFT), a leading blockchain-based e-commerce and financial technology service provider, has announced that its wholly-owned subsidiary FTFTSuperComputing Inc. signed a Power Sales and Purchase Agreement with Champion Energy Services LLC. This strategic agreement secures 15.58 megawatts of electricity for the company's cryptocurrency mining facility in northwestern Ohio.
Project Specifications
- Power Supply: 15.58 MW hybrid-rate (fixed + indexed) electricity
- Term: 6-year contract commencing July 1, 2022
- Provider: Champion Energy (subsidiary of Calpine, one of America's largest power generators)
- Service Area: 8 U.S. states for residential, commercial, and industrial clients
Mining Facility Development Plan
Phase 1 Deployment (Current Stage)
| Component | Specification |
|---|---|
| Mining Equipment | 12,000 Antminer S19 units |
| Hash Rate | 1.3 EH/s |
| Investment | $12 million |
| Allocation | Land acquisition, facility retrofitting, power system upgrades |
Overall Project Roadmap
- Total Phases: 6
- Capacity per Phase: 50 MW
- Investment per Phase: $10 million
- Total Planned Capacity: 300 MW
- Estimated Total Investment: $62 million
Strategic Vision
Blockchain Division Director Mr. Xu Kai commented:
"This power agreement ensures stable electricity for our Ohio mining operations. We're actively pursuing global expansion using sustainable energy sources to develop cost-efficient mining facilities worldwide. We're confident our Ohio facility will soon achieve its operational targets."
Key Advantages
- Energy Cost Optimization: Hybrid pricing model adjusts to consumption patterns
- Scalable Infrastructure: Modular 50MW expansion approach
- Strategic Location: Northwestern Ohio's favorable conditions for mining operations
FAQ Section
Q1: What makes Ohio suitable for cryptocurrency mining?
A: Ohio offers competitive electricity rates, cool climate reducing cooling costs, and established energy infrastructure ideal for mining operations.
Q2: How does the hybrid pricing model benefit FTFT?
A: It combines price stability (fixed rates) with market responsiveness (indexed rates), providing both budget predictability and cost efficiency.
Q3: What's the environmental impact of this facility?
A: FTFT prioritizes sustainable practices 👉 Learn about our green mining initiatives and plans to incorporate renewables in future phases.
Q4: When will Phase 1 become operational?
A: The first 12,000 miners are scheduled to come online following the July 2022 power delivery commencement.
Q5: How does this project fit with FTFT's broader strategy?
A: It's the first step in establishing 👉 global mining operations while maintaining competitive edge through energy efficiency and scalable design.