Canadian agricultural firm Agriforce Growing Systems Limited has initiated an initiative to use stuck gas to power 120 bitcoin mining rigs, which the company says it is a plan to expand.
The site is located in Burvin, Alberta, and the energy provider is launched in partnership with blueflare energy, which draws in 425 kW (kW) for computing power, second (pH/s) per second (pH/s). Said On Tuesday.
The site will use so -called stranded gas, natural gas, which cannot be transported to the market immediately because it is either not financially practical for me or cannot be physically accessible by the equipment required to remove it.
Agriforce signed a binding letter of intentions with Blueflare to open two more sites in the Alberta region in Oyen and Hinton, which would repeat the model used on its berwyn site.
“We do not wait for permits or grid upgradation – we convert gases into calculations in weeks, not in years,” said Jolie Kahan, CEO of Agrifors.
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Agriforce’s bitcoin strategy
Agriforce said it has mined 7 bitcoins (BTC) worth about $ 735,000 from its operations in Alberta and Ohio.
The Canadian firm can place more as half of the BTC IT mines in its bitcoin treasury, while the other half will be used to expand its operations.
The firm said it can use up to 50% up to 50% to buy bitcoins.
Agricultural stock reaction
Agriforce (Agri) shares rose by 1.85% on Tuesday and finished the trading session at $ 1.10. However, the stock of Agriforce is more than 53% year-to-year-year, According For Google Finance.
During the financial year ending 2024, the revenue of the Agrifors saw an increase of 317% year-by-year, while during the same period its net profit increased by more than 66%.
Renewable energy used for mining
With the cost of mining of bitcoin mining, miners will look at the options to keep their costs low.
A report by Bitcoin Mining Research firm Theminmag indicates that the cost of producing single BTC in the first quarter of this year was $ 64,000. During the quarter ended June 2025, the firm hopes that the cost will be $ 70,000 for some time.
Earlier this year, a report stated that the dependence of miners on traditional coal-based sources of electrical coal-based sources is decreasing, while on the other hand, miners are rapidly adopting renewable energy, growing at a rate of 5.8% on average.
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