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Agriculture company AgriFORCE operates 120 natural gas cryptocurrency mines
AgriFORCE says it has launched a site that uses stranded gas to operate 120 Bitcoin mining platforms and will expand to two additional sites in Canada.
Agriculture company AgriFORCE operates 120 natural gas cryptocurrency mines
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Canadian agricultural company AgriFORCE Growing Systems Ltd has launched an initiative to use stranded gas to power 120 Bitcoin mining platforms, which the company says it plans to expand.
AgriFORCE said on Tuesday that the site located in Berwyn, Alberta, which was launched in partnership with energy provider Blue Flare Energy, consumes 425 kilowatts (kW) for 32 petahashes per second (PH/s) of computing power.
The site will use what is known as stranded gas, which is natural gas that cannot be transported to market immediately because it is uneconomically extractable or not physically accessible with the necessary equipment.
AgriFORCE also signed a binding letter of intent with BlueFlare to open two more sites in Alberta in Owen and Hinton, which will replicate the model used at its site in Berwyn.
Julie Kahn, CEO of AgriFORCE, said: "We are not waiting for permits or grid upgrades - we are converting gas to power in weeks, not years."
Related: Amazon invests $13 billion in Australian AI data center infrastructure
AgriFORCE's Bitcoin strategy
AgriFORCE said it has already mined 7 Bitcoins
Bitcoin
$105,151
It is worth about $735,000, from its operations in Alberta and Ohio.
The Canadian company can retain up to half of the Bitcoin it mines in its Bitcoin treasury, while the other half will be used to expand its operations.
The company said it might use up to 50% of the funds it raises as capital to purchase Bitcoin directly.
AgriFORCE stock reaction
Shares of AgriFORCE (AGRI) rose 1.85% on Tuesday, ending the trading session at $1.10. However, AgriFORCE shares have fallen more than 53% since the beginning of the year, according to Google Finance.
Source: Google Finance
During the fiscal year ending in 2024, AgriFORCE saw revenues increase by 317% year-on-year, while its net profit rose by over 66% during the same period.
Renewable energy used in mining
With rising Bitcoin mining costs, miners are likely to look for alternatives to keep their costs low.
A report from Bitcoin mining research firm TheMinerMag indicates that the cost of producing one Bitcoin was $64,000 in the first quarter of this year. The company expects this cost to rise to $70,000 during the quarter ending June 2025.
Earlier this year, a report highlighted that miners' reliance on traditional coal-based electricity sources is diminishing, while miners are increasingly adopting renewable energy, which is growing at an average rate of 5.8% per year.
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