AgriFORCE Unveils Natural Gas-Fueled Bitcoin Mining Facility in Alberta
Canadian agriculture company AgriFORCE Growing Systems Ltd. unveiled a new facility using stranded natural gas to power 120 Bitcoin mining machines. The Berwyn, Alberta-based facility was unveiled with BlueFlare Energy and is now running on 425 kilowatts (kW), delivering a hashrate of 32 petahashes per second (PH/s).
Stranded gas refers to natural gas that is not able to be delivered to market due to logistics or economics. AgriFORCE’s process enables unused gas to be turned into computer power without having to navigate the years-long permitting and infrastructure bottleneck.
Two Additional Sites Planned Across Alberta
AgriFORCE has executed a binding letter of intent with BlueFlare Energy to expand its model of mining into two new sites in Oyen and Hinton, Alberta. The new sites would be a carbon copy of the Berwyn model, further expanding the company’s foray into gas-powered crypto mining.
“We don’t wait on permits or grid upgrades — we convert gas to compute in weeks, not years,” CEO Jolie Kahn said.
AgriFORCE’s Bitcoin Strategy: Hold and Expand
The company revealed that it has mined already 7 Bitcoin with an approximate value of $735,000 from operations in Alberta and Ohio. The mined BTC of up to 50% of AgriFORCE will be reserved in treasury while the balance will be employed to facilitate operational expansion. The company may also utilize up to 50% of funds raised to directly buy Bitcoin.
Stock Performance and Financial Outlook
AgriFORCE shares (AGRI) rose 1.85% to finish trading on Tuesday at $1.10. While there was the daily gain, the company is down over 53% year to date, according to Google Finance. Still, the company produced solid financials in 2024, with revenue jumping 317% and net profit increasing 66% year over year.
Renewable Energy Picks Up Speed in Crypto Mining
AgriFORCE is part of a broader trend within the crypto mining industry: shifting to alternative and renewable sources of energy. According to TheMinerMag, the price of one BTC to produce in Q1 2025 hit $64,000 and will rise to $70,000 by the end of Q2.
With increased energy prices, miners are looking more towards renewable resources. A new report showed a growth in the adoption of renewable energy by Bitcoin miners at 5.8% per year, while reliance on coal is gradually reducing.
