Future FinTech Enters Into Bitcoin Mining Hosting Agreement For Its Cryptocurrency Farm In Norwalk, Ohio
Portfolio Pulse from Benzinga Newsdesk
Future FinTech Group Inc. (FTFT) has signed a hosting agreement with Teracrypto Technology LLC for bitcoin mining services at its farm in Norwalk, Ohio. The agreement, effective from March 15, 2024, to February 28, 2028, involves hosting Teracrypto's bitcoin miners, including Antminer S19j Pro models, with a maximum power load of 3.0 MW. The hosting fee will be based on the number of installations, power usage, and the average bitcoin price. FTFT's Blockchain Division views this as an opportune time for cryptocurrency mining, citing recent record Bitcoin prices.
March 26, 2024 | 1:13 pm
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Future FinTech's new hosting agreement with Teracrypto for bitcoin mining services could enhance its revenue streams and strengthen its position in the cryptocurrency sector.
The agreement with Teracrypto is likely to have a positive short-term impact on FTFT's stock price due to the current high interest in cryptocurrency and Bitcoin's record prices. The deal not only expands FTFT's service offerings but also aligns with the growing demand for cryptocurrency mining infrastructure. Given the detailed nature of the agreement and the strategic timing amidst high Bitcoin prices, investor sentiment is expected to be positive.
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