Canadian agricultural firm AgriFORCE Growing Systems Ltd. has launched an initiative to use stranded gas to power 120 Bitcoin mining rigs in Alberta.
Launch of New Project
The site located in Berwyn, Alberta, was launched in partnership with energy provider BlueFlare Energy, drawing in 425 kilowatts (kW) for 32 petahashes per second (PH/s) of computing power. AgriFORCE stated that it will use stranded gas, natural gas that cannot be immediately taken to market due to either economic infeasibility or inaccessibility of the necessary extraction equipment.
Bitcoin Mining Strategy
AgriFORCE reported that it has mined 7 Bitcoin, worth approximately $735,000. The company plans to keep up to 50% of the mined Bitcoin in its treasury while using the other half to expand operations. It is also expected that up to 50% of the funds raised could be directly used for Bitcoin purchases.
AgriFORCE Stock Reaction
Shares in AgriFORCE (AGRI) rose by 1.85% on Tuesday and ended the trading session at $1.10. However, the stock is down more than 53% year-to-date. During the fiscal year ending 2024, AgriFORCE's revenue increased by 317% year-over-year, while net profit rose by more than 66% during the same period.
AgriFORCE Growing Systems Ltd. continues to develop its Bitcoin mining initiatives by utilizing renewable energy sources, which may reduce mining costs and enhance operational efficiency.
