FinTech’s purchase from the future is in line with Bitcoin’s late growing interest in the traditional finance and technology sector.
In order to break into Bitcoin mining, Nanjing Ribensi Electronic Technology Co. was bought by Future FinTech, a public software company based in New York.
According to a press release, the American tech company bought the Chinese Bitcoin miner for $9 million. Under the agreement, Future FinTech is fully owned by the mining operations of the company, which include around 30 000 ASICs located in the hydro-rich Sichuan region of China, but currently staffed by Nanjing Ribensi are to continue to maintain the farms. The low cost of electricity was a factor in a decision by future FinTech CEO Shanchun Huang.
The farm, however, can generate profit due to the expected low energy cost of the target mine farm as it uses local low hydroelectricity costs to power the mining machinery. He said that BTC (Bitcoin) uses advanced mining makers.
The statement shows that sales have guaranteed targets for profit between 2 million and 4 million dollars by 2023. If Nanjing Ribensi’s shareholders fail to reach these numbers, the press release reports. The company makes the difference.
Future FinTech raised new shares in a total of $35 million over the months leading up to the purchase, according to SEC files. The stock of the company jumped on, but since then it has pushed it back.
Bitcoin miners came out last March’s best month with revenue of over $1.5 billion. The mining difficulty of the Bitcoin network has recently been adapted to an all-time high.
The acquisition of Future FinTech comes at a time when traditional companies have never shown greater interest in Bitcoin and its digital asset generation.