Canadian agricultural company AgriFORCE Growing Systems Ltd. has launched a plan to power 120 Bitcoin mining devices using stranded gas, with plans for further expansion.
On Tuesday, AgriFORCE announced that the site located in Berwyn, Alberta, was established in collaboration with energy supplier BlueFlare Energy, introducing 425 kilowatts (kW) of power to provide 32 PH/s (petahashes per second) of computing power.
The site will utilize what is known as "stranded gas," which is natural gas that cannot be immediately brought to market, either because it is economically unfeasible to extract or because it cannot be physically accessed by extraction equipment.
AgriFORCE has also signed a binding letter of intent with BlueFlare to establish two more sites in the Oyen and Hinton areas of Alberta, which will replicate the model used at its Berwyn site.
"We will not wait for permits or grid upgrades," said AgriFORCE CEO Jolie Kahn. "We can convert gas into computing power in weeks, not years."
AgriFORCE stated that the company has mined 7 Bitcoins (BTC) from its operations in Alberta and Ohio, valued at approximately $735,000.
The Canadian company may retain up to half of the Bitcoin it mines in its Bitcoin reserves, while the other half will be used to expand its business.
The company indicated that it may allocate up to 50% of the funds it raises directly to purchasing Bitcoin.
On Tuesday, AgriFORCE's stock (AGRI) rose by 1.85%, closing at $1.10. However, according to Google Finance data, AgriFORCE's stock has fallen by over 53% year-to-date.
In the fiscal year ending in 2024, AgriFORCE's revenue increased by 317% year-on-year, while net profit grew by over 66% during the same period.
As the cost of Bitcoin mining rises, miners may seek alternatives to reduce costs.
A report from Bitcoin mining research firm TheMinerMag noted that the cost to produce one BTC in the first quarter of this year was $64,000. The company expects this cost to increase to $70,000 in the quarter ending June 2025.
Earlier this year, a report highlighted that miners' reliance on traditional coal energy is decreasing, while on the other hand, miners are increasingly adopting renewable energy, with an average growth rate of 5.8% per year.
Related: Ethereum (ETH) price remains stable around $2,400 as crypto investors bet on long-term growth
Original: “Agricultural company AgriFORCE uses natural gas to power 120 crypto miners”
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