AgriFORCE Growing Systems Ltd. Launches Innovative Bitcoin Mining Project
AgriFORCE Growing Systems Ltd., a Canadian agricultural company, has embarked on a groundbreaking project to utilize stranded natural gas for powering 120 Bitcoin mining machines at a facility in Berwyn, Alberta. This venture, conducted in collaboration with BlueFlare Energy, is expected to generate 32 petahashes per second (PH/s) of computational abilities, as reported earlier this week by AgriFORCE. Notably, stranded gas refers to natural gas that cannot currently be utilized in the market; it is often inaccessible or not cost-effective to extract.
Expansion Plans and Operational Success
Furthermore, AgriFORCE has formalized plans with BlueFlare to develop two additional mining sites in Alberta’s Oyen and Hinton regions, mirroring the operations established in Berwyn.
“We bypass lengthy permitting processes and grid enhancements—transforming gas into computing power in a matter of weeks instead of years,”
stated Jolie Kahn, CEO of AgriFORCE.
The firm has reported a successful start to its Bitcoin mining operations, with 7 Bitcoin already extracted, translating to a market value of roughly $735,000. They plan to retain around 50% of the mined Bitcoin in a treasury, while the remainder will fund further expansion initiatives.
Market Performance and Trends in Bitcoin Mining
In a recent stock market update, shares of AgriFORCE saw a rise of 1.85%, closing at $1.10; however, the stock has experienced a year-to-date decline exceeding 53% according to data from Google Finance. Notably, the company reported an impressive 317% increase in revenue year-over-year for the fiscal year ending 2024, alongside a 66% rise in net profit.
As Bitcoin mining costs escalate—rising from $64,000 per BTC in the first quarter of the year, with estimates suggesting a further increase to $70,000 by mid-2025—industry participants are actively seeking more cost-efficient energy solutions. A recent report from TheMinerMag highlighted a diminishing dependence on traditional coal-based energy, with renewable sources gaining traction, growing at an average of 5.8% annually. This trend points to a shift in mining strategies as firms like AgriFORCE innovate to keep mining viable and profitable in the evolving landscape of cryptocurrency.
