Canadian agriforce Growd Systems Ltd. launched an initiative to power 120 bitcoin mining rigs using stranded natural gas, which the company said plans to expand.
This site is located in Berwyn, Alberta explain Tuesday.
The site will use what is called stranded natural gas, which cannot be brought to the market immediately, as it is economically unfeasible or cannot be physically accessible through the extracted equipment.
Agriforce also signed a binding letter of intent with Blueflare to open two locations in the Alberta region of Oyen and Hinton, which will replicate the models used on its Berwyn site.
“We are not waiting for a license or grid upgrade, but converting gasoline to calculations in weeks rather than years,” said Jolie Kahn, CEO of Agriforce.
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Agriculture Bureau’s Bitcoin Strategy
Agriforce says it has mined 7 bitcoins (BTC), worth approximately $735,000, comes from its operations in Alberta and Ohio.
The Canadian company can keep up to half of BTC in its Bitcoin Treasury mines, while the other half will be used to expand its operations.
The company says it can be used as 50% of the funds that buy bitcoin directly.
Agricultural Stock Reaction
Agriforce (Agri) shares rose 1.85% on Tuesday and ended the fair at $1.10. However, the agricultural stocks have fallen by more than 53% year by year. according to for Google Finance.
For the fiscal year ended 2024, Agriforce’s revenue increased by 317% year-on-year, while net profit increased by more than 66% during the same period.
Renewable energy for mining
As the cost of mining bitcoin rises, miners may consider alternatives to keep costs low.
Report by Bitcoin mining research firm Theminermag instruct In the first quarter of this year, the cost of producing a single BTC was $64,000. The company expects that this cost will increase to $70,000 sometime in the quarter ending June 2025.
Earlier this year Highlight Miners’ reliance on traditional basic sources of coal is decreasing, while miners, on the other hand, are increasingly adopting renewable energy, with an average annual growth of 5.8%.
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