Future FinTech's Ohio crypto mining farm becomes operational

FTFT SuperComputing, a wholly-owned subsidiary of blockchain application technology developer and fintech service provider, Future FinTech Group (NASDAQ:FTFT), has achieved the first contruction phase of its cryptocurrency mining farm in northwest Ohio, the company said Wednesday. The first batch of Antiminer S19 series mining machines were made live following testing procedures on October 24. The deployment is the "initial step of the first phase of the project to deploy approximately 12,000 S19 Antminers and accommodate about 1.3 EH/s of hash power in Ohio," said Kai Xu, vice president of Future FinTech's Blockchain Division. The move comes after FTFT SuperCharging struck a deal with electricity provider Champion Energy Services to receive 15.58 megawatts of electricity for the build-out of its mining farm. The transmission of electricity for the mining farm was enabled on July 1. Future FinTech (FTFT) has been developing its business throughout different areas of the crypto ecosystem, not just mining. For instance, the company's asset management unit became eligible in June to manage virtual assets.