AgriFORCE Growing Systems Ltd. of Canada has developed a program to mine bitcoins using stranded gases.
The AgriFORCE site is located in Berwyn (Alberta) and was created in partnership with BlueFlare Energy. It draws 425 Kilowatts for 32 Petahashes Per Second (PH/S). said Tuesday is the day.
Site will utilize so-called “stranded” gas. Stranded natural gas is gas that cannot be sold immediately because the mining of it would be too expensive or would be impossible to reach with current equipment.
AgriFORCE signed an agreement with BlueFlare for the opening of two additional sites in Alberta, in Oyen & Hinton. These will be modeled after the Berwyn location.
“We don’t wait for permits or grid upgrades — we convert gas into compute in weeks, not years,” AgriFORCE CEO Jolie Kahn said.
Related: Amazon to invest $13B in Australian AI data center infrastructure
AgriFORCE Bitcoin Strategy
AgriFORCE claims to have already mined Bitcoin (7 bitcoins).BTCIts operations in Alberta, Ohio and other states generated revenue of approximately $735,000.
Canadian firms could store up to 50% of their BTC in a Bitcoin Treasury, with the remaining half being used to expand operations.
It said that it would use as much as 50% of its capital raised to buy Bitcoin directly.
Stock AgriFORCE reaction
AgriFORCE shares (AGRI), which closed Tuesday’s trading at $1.10, rose 1.85%. AgriFORCE stock has fallen more than 53% in the past year. according Google Finance
AgriFORCE saw its revenue increase by 317% during the year that ended in 2024. Its net profit also increased over 66%.
Mining with renewable energy
As the mining cost for Bitcoin increases, it is likely that miners will look to alternatives in order to maintain their low costs.
TheMinerMag, a Bitcoin mining research company, has published a new report. indicates In the first three months of 2018, the production cost for a BTC stood around $64,000. The company expects that this cost will increase to $70,000 during the last quarter of 2025.
Early this year, there was a report highlighted Miners are relying less on coal for electricity, and instead, they’re adopting more renewable energy. This is increasing by an average of 5.8% annually.
Magazine: Arthur Hayes doesn’t care when his Bitcoin predictions are totally wrong
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
