AgriFORCE Powered Bitcoin Miners with Stranded Gas

AgriFORCE Growing Systems Ltd. of Canada has developed a program to mine bitcoins using stranded gases.

This site in Berwyn in Alberta was launched with the energy company BlueFlare Energy and draws 425 kilowatts for 32 petahashes/second (PH/S) of computing power. said On Tuesday, 

It will be a site that uses so-called “stranded” gas. This is natural gas which cannot be taken immediately to the market because it either can’t economically be mined or it can’t physically be reached with equipment required to extract it.

AgriFORCE signed an agreement with BlueFlare for the opening of two additional sites in Alberta, in Oyen and 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’s Bitcoin Strategy

AgriFORCE has mined seven Bitcoins (BTCIts operations in Alberta, Ohio and other states generated revenue of approximately $735,000

Canadian company could retain up to half the BTC that it mines, and use the rest for expansion.

This firm has said that up to half of the capital it raises could be used to purchase Bitcoin directly.

AgriFORCE Stock Reaction

AgriFORCE’s (AGRI) shares rose by 1.85% and closed the session trading at $1.10. AgriFORCE stock has fallen more than 53% in the past year. according Google Finance

AgriFORCE’s revenues increased by 317 percent in the last fiscal year, and its profit grew more than 66%.

Use of renewable energy in mining

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 was at $64,000. This cost is expected to rise to $70,00 sometime in the next quarter, ending June 2025.

Early this year, there was a report highlighted Miners’ dependence on coal-based electricity sources is declining, but on the other, renewable energy is on the rise, growing on average at 5.8% annually.

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