Agriculture firm AgriFORCE powers 120 crypto miners with natural gas

Canadian cultivation steadfast AgriFORCE Growing Systems Ltd. has launched an inaugural to usage stranded state to powerfulness 120 Bitcoin mining rigs, which the institution says it plans to expand.

The site, located successful Berwyn, Alberta, and launched successful concern with vigor supplier BlueFlare Energy, draws successful 425 kilowatts (kW) for 32 petahashes per 2nd (PH/s) of computing power, AgriFORCE said connected Tuesday. 

The tract volition usage alleged stranded gas, earthy state that can’t beryllium instantly taken to marketplace arsenic it’s either not economically viable to excavation oregon can’t beryllium physically reached by the instrumentality needed to extract it.

AgriFORCE besides signed a binding missive of intent with BlueFlare to unfastened 2 much sites successful the Alberta portion successful Oyen and Hinton, which volition replicate the exemplary utilized astatine its Berwyn site.

“We don’t hold for permits oregon grid upgrades — we person state into compute successful weeks, not years,” AgriFORCE CEO Jolie Kahn said.

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AgriFORCE’s Bitcoin Strategy

AgriFORCE has stated that it has already mined 7 Bitcoin (BTC), worthy astir $735,000, from its operations successful Alberta and Ohio.

The Canadian steadfast could support arsenic overmuch arsenic fractional of the BTC it mines successful its Bitcoin treasury, portion the different fractional volition beryllium utilized for expanding its operations.

The steadfast said it could usage up to 50% of the wealth it raises arsenic superior to straight bargain Bitcoin.

AgriFORCE banal reaction

Shares successful AgriFORCE (AGRI) roseate by 1.85% connected Tuesday and ended the trading league astatine $1.10. However, AgriFORCE’s banal is down much than 53% year-to-date, according to Google Finance.

Source: Google Finance

During the fiscal twelvemonth ending 2024, AgriFORCE’s gross saw an summation of 317% year-over-year, portion its nett net accrued much than 66% during the aforesaid period.

Renewable vigor utilized for mining

With the outgo of mining Bitcoin going up, miners volition apt look astatine alternatives to support their costs low.

A study from Bitcoin mining probe steadfast TheMinerMag indicates that the outgo to nutrient a azygous BTC stood astatine $64,000 successful the archetypal 4th of this year. The steadfast expects this outgo to summation to $70,000 sometime during the 4th ending June 2025.

Earlier this year, a study highlighted that miners’ reliance connected accepted coal-based sources of energy is dwindling, portion connected the different hand, miners are progressively adopting renewable energy, which is increasing astatine an mean complaint of 5.8% yearly.

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