According to Cointelegraph, Canadian agricultural company AgriFORCE Growing Systems Ltd. has embarked on a new venture to utilize stranded gas for powering 120 Bitcoin mining rigs, with plans for further expansion. The project, located in Berwyn, Alberta, is a collaboration with energy provider BlueFlare Energy. It currently harnesses 425 kilowatts (kW) to achieve 32 petahashes per second (PH/s) of computing power. Stranded gas refers to natural gas that cannot be immediately marketed due to economic or logistical constraints. AgriFORCE has also entered into a binding letter of intent with BlueFlare to establish two additional sites in Alberta, specifically in Oyen and Hinton, replicating the Berwyn model. CEO Jolie Kahn emphasized the company's ability to swiftly convert gas into computing power without waiting for permits or grid upgrades.
AgriFORCE has reported mining 7 Bitcoin (BTC), valued at approximately $735,000, from its operations in Alberta and Ohio. The company plans to retain up to half of the mined Bitcoin in its treasury, while the remainder will support operational expansion. Additionally, AgriFORCE may allocate up to 50% of its raised capital for direct Bitcoin purchases. On the stock market, AgriFORCE (AGRI) shares rose by 1.85% on Tuesday, closing at $1.10, despite a year-to-date decline of over 53%, as per Google Finance. The fiscal year ending 2024 saw AgriFORCE's revenue surge by 317% year-over-year, with net profit increasing by more than 66%.
As Bitcoin mining costs rise, miners are exploring alternative energy sources to reduce expenses. A report from Bitcoin mining research firm TheMinerMag revealed that the cost to produce a single Bitcoin was $64,000 in the first quarter of this year, with expectations of reaching $70,000 by June 2025. The report also noted a decline in miners' reliance on traditional coal-based electricity, with a growing shift towards renewable energy, which is increasing at an average annual rate of 5.8%.
