In a bold move to tap into the innovative realm of cryptocurrency, Canadian agricultural firm AgriFORCE Growing Systems Ltd. has launched a groundbreaking initiative that leverages stranded gas to power 120 Bitcoin mining rigs. This exciting venture, located in Berwyn, Alberta, is the result of a partnership with energy provider BlueFlare Energy, and AgriFORCE has ambitious plans for expansion.

The facility consumes a robust 425 kilowatts (kW) to achieve an impressive output of 32 petahashes per second (PH/s), a feat that further solidifies the company’s commitment to cutting-edge technological solutions. The strategic use of stranded gas—a natural gas resource that remains untapped due to economic or logistical hurdles—demonstrates AgriFORCE’s ingenuity in turning an underutilized resource into digital gold.

In addition to the Berwyn site, AgriFORCE has inked a binding letter of intent with BlueFlare to develop two more locations in Alberta, specifically in Oyen and Hinton, mirroring the successful model employed at Berwyn. “We don’t wait for permits or grid upgrades — we convert gas into compute in weeks, not years,” declared AgriFORCE CEO Jolie Kahn, emphasizing the firm’s agility in a rapidly evolving market.

AgriFORCE isn’t just mining Bitcoin; they’re making waves in the digital currency world. To date, the company has successfully mined 7 Bitcoin (BTC), valued at approximately $735,000, from its operations in Alberta and Ohio. In a clever financial strategy, AgriFORCE plans to hold onto up to 50% of the BTC it mines in its dedicated Bitcoin treasury while using the remaining half to fuel its expansion. It also hinted at the possibility of allocating up to 50% of any capital raised directly for Bitcoin purchases. Talk about strategic investments!

The market is responding, albeit cautiously. On Tuesday, shares of AgriFORCE (AGRI) saw a modest uptick of 1.85%, closing at $1.10. However, it’s a bittersweet affair, as the stock has plummeted more than 53% year-to-date, according to Google Finance. Nonetheless, the company’s recent fiscal year ending in 2024 showcased remarkable growth, with a staggering 317% increase in revenue year-over-year and a notable net profit surge of over 66%.

As the mining landscape evolves, operators are increasingly turning their gaze towards renewable energy to keep costs manageable amid rising expenses. A recent report from Bitcoin mining research firm TheMinerMag revealed that the cost of producing a single BTC stood at $64,000 in the first quarter of this year, with forecasts indicating an alarming rise to $70,000 by mid-2025. This shift away from traditional coal-based power sources reflects the industry’s transition towards greener energy solutions, which have been growing at an average rate of 5.8% annually.

Who would have thought stranded gas could be the engine behind Bitcoin mining? It seems the fuel of the future is both innovative and environmentally conscious—now that’s a win-win!

AgriFORCE has launched a project using stranded gas to power 120 Bitcoin mining rigs in Berwyn, Alberta, with plans to expand further into Oyen and Hinton.

The company has successfully mined 7 Bitcoin, equating to approximately $735,000 in value.

AgriFORCE shares rose by 1.85% recently, but the stock is down over 53% year-to-date, despite significant revenue and profit growth in the past fiscal year.