Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

Future Fintech Announces Framework Agreement to Purchase Antminer Bitcoin Mining Machines

Published

on

 

Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today that on March 26, 2021, the Company signed a framework agreement (the “Frame Agreement”) with Nanjing Shunru Electronic Technology Co., Ltd. (“Nanjing Shunru”) to purchase approximately 20,000 Antminer bitcoin mining machines, which will provide a combined 200 Petahash per second (PH/s) hash rate, which accounts for about 0.12% of Bitcoin’s total hash rate capacity. Mining hash rate is an important security metric in terms of verifying bitcoin transactions; high hashing or computing processing power means greater system security for Bitcoin transactions. The Frame Agreement is non-binding except for the ‘Confidentiality and Exclusivity’ and ‘Applicable Law and Dispute Resolution’ sections of the agreement.

According to the Frame Agreement, Nanjing Shunru will provide no less than 20,000 Antminer mining machines to Future FinTech and guarantees a total Bitcoin hash rate of at least 200 PH/s for at least 180 days per year. Should the hash rate be less than 200 PH/s, Nanjing Shunru must supplement the corresponding hash rate with additional Antminer mining machines within a five-day period with no additional cost to FTFT. The mining machines will be delivered pending further due diligence on the part of the Company and a definitive agreement by the parties. The purchase price of such Antminer miner machines is RMB 50 million (approximately $7.6 million), of which RMB 10 million (approximately $1.5 million) will be paid in cash, and the remaining RMB 40 million (approximately $6.1 million) will be paid in FTFT common stock.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, commented, “The recent sharp increase in the price of Bitcoin has provided us with the opportunity and economic incentive to develop an encrypted digital currency mining business. The signing of the mining machine acquisition frame agreement is the first step for us to move into the bitcoin mining field. We will continue to optimize the Company’s comprehensive platform in the field of cryptocurrency mining and blockchain technology services to maximize returns to our shareholders.”

Blockchain

Trident Reports First Half 2024 Unaudited Financial Results

Published

on

Continue Reading

Blockchain

CoreNest Capital, Sologenic’s VC partner, invests in Texture, a U.S.-based broker-dealer, to launch SoloTex, a new platform for trading tokenized equities

Published

on

corenest-capital,-sologenic’s-vc-partner,-invests-in-texture,-a-us.-based-broker-dealer,-to-launch-solotex,-a-new-platform-for-trading-tokenized-equities

Sologenic + Texture = SoloTexAs a result of a strategic partnership between the Sologenic Development Foundation and Texture Capital Inc., a FINRA—and SEC-licensed broker-dealer, SoloTex aims to be the ultimate gateway to tokenizing and trading capital markets on demand.This innovative approach leverages tokenization to introduce features like enhanced liquidity, fractional ownership, and quicker settlement processes, offering a more efficient way to manage and exchange assets.Join the waitlist at SoloTex.com to learn more.

Continue Reading

Blockchain

Bybit Strengthens Partnerships and Explores Islamic Finance Innovation at Exclusive Forum

Published

on

bybit-strengthens-partnerships-and-explores-islamic-finance-innovation-at-exclusive-forum
Continue Reading
Advertisement
 title=
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE