Future Fintech Group Inc. – a developer of blockchain applications and a fintech services provider – has just finished building a new crypto mining center in the South American nation of Paraguay. Future Fintech Group Gives Way to Paraguay Crypto Mining Facility Xu Kai – the vice president of the Future Fintech blockchain division – expressed in an interview: 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
Topics:
Nick Marinoff considers the following as important: Bitcoin Mining, crypto mining, Future FinTech Group, Mine Bitcoin, News, Paraguay
This could be interesting, too:
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume
Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users
Future Fintech Group Inc. – a developer of blockchain applications and a fintech services provider – has just finished building a new crypto mining center in the South American nation of Paraguay.
Future Fintech Group Gives Way to Paraguay Crypto Mining Facility
Xu Kai – the vice president of the Future Fintech blockchain division – expressed in an interview:
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.
He continued with:
FTFT’s cryptocurrency mining farm in northwest Ohio has had its first batch of mining machines 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.
The mining center is alleged to have a capacity of three megawatts. It can also house as many as 900 separate mining machines. Right now, there are about four mobile crypto mining containers that are supporting multiple rigs at a time. There is also one maintenance container. The first official power-on tests of the first batch of Antminer machines was completed during the final days of December 2022. From there, the machines began operating and extracting new units of BTC from the blockchain.
One of the big clinchers of the mining facility – and of crypto mining in Paraguay – is that hydroelectricity is used to power the machines. This is sure to make a lot of eco-friendly figures happy given how much energy bitcoin and crypto mining is alleged to use. By stepping away from standard electricity and fossil fuels, the mining facility can keep the environment clean while still obtaining the crypto units it needs to stay in business.
Using Too Much Energy
Several figures – including Elon Musk of SpaceX and Tesla fame – have denounced crypto mining in the past for allegedly putting the Earth’s atmosphere at risk.
Future Fintech Group says that not only does its new business open strong economic doors for Paraguay, but it also taps into the country’s financial strengths and will give many residents and locals jobs.