Canadian agricultural technology firm AgriFORCE Growing Systems Ltd. has initiated a new project aimed at expanding its Bitcoin mining operations by utilizing stranded natural gas to power 120 mining rigs. Located in Berwyn, Alberta, this venture is conducted in partnership with energy provider BlueFlare Energy. Currently, the project generates approximately 425 kilowatts of electricity, delivering a computational power of 32 petahashes per second. The term “stranded gas” refers to natural gas reserves that are not immediately marketable due to economic or logistical constraints.
AgriFORCE has also signed a binding letter of intent with BlueFlare Energy to replicate the Berwyn model at two additional sites in Alberta—Oyen and Hinton—thereby scaling its mining footprint. CEO Julie Kan highlighted the company’s capability to convert gas directly into computing power without awaiting regulatory approval or grid upgrades, underscoring operational efficiency.
To date, AgriFORCE has mined seven Bitcoins through its operations in Alberta and Ohio, valued at approximately $735,000. The company plans to retain half of the mined Bitcoin in its treasury while allocating the remainder to support further expansion. Additionally, AgriFORCE may allocate up to 50% of its investment capital toward direct Bitcoin purchases. On the stock market, AgriFORCE’s shares (ticker: AGRI) closed Tuesday at $1.10, marking a 1.85% increase despite a year-to-date decline exceeding 53%. The firm reported a robust financial performance in fiscal 2024, with revenues rising 317% year-over-year and net profits increasing by over 66%.
Amid rising costs associated with Bitcoin mining, operators are increasingly seeking alternative energy sources to manage expenses. According to a report by mining research firm TheMinerMag, the production cost for a single Bitcoin reached $64,000 in the first quarter of this year and is projected to climb to as much as $70,000 by June 2025. The report further notes a declining reliance on coal-powered electricity among miners, with renewable energy usage growing at an annual rate of 5.8%, reflecting a broader industry shift towards sustainable power sources.
Source: binance
