Canadian agricultural firm AgriFORCE Growing Systems Ltd. has launched a new initiative to power 120 Bitcoin mining rigs using stranded natural gas, with plans for future expansion.
The mining site, located in Berwyn, Alberta, was developed in collaboration with energy provider BlueFlare Energy. According to AgriFORCE, the facility consumes 425 kilowatts (kW) of power and delivers a computing capacity of 32 petahashes per second (PH/s).
The operation utilizes stranded gas—natural gas that is otherwise uneconomical or physically inaccessible to extract and transport to market.
AgriFORCE has also signed a binding letter of intent with BlueFlare to establish two additional mining sites in Alberta, specifically in the towns of Oyen and Hinton, following the same operational model as Berwyn.
“We don’t wait for permits or grid upgrades — we convert gas into compute in weeks, not years,” said AgriFORCE CEO Jolie Kahn.
AgriFORCE’s Approach to Bitcoin Mining
AgriFORCE reported that it has already mined 7 Bitcoin—valued at around $735,000—through its operations in Alberta and Ohio.
The Canadian company plans to retain up to half of its mined Bitcoin in a dedicated treasury, while the remaining portion will be allocated toward expanding its mining operations.
Additionally, AgriFORCE noted that up to 50% of the capital it raises may be used to directly purchase Bitcoin.
Market Response to AgriFORCE Stock
AgriFORCE (AGRI) shares rose 1.85% on Tuesday, closing at $1.10. Despite the uptick, the stock remains down over 53% year-to-date, according to Google Finance.
For the fiscal year ending in 2024, AgriFORCE reported a 317% year-over-year increase in revenue, while its net profit grew by over 66% during the same period.
Using Renewable Energy for Crypto Mining
As the cost of mining Bitcoin continues to rise, miners are increasingly exploring cost-effective alternatives.
According to research firm TheMinerMag, the average cost to produce one Bitcoin reached $64,000 in the first quarter of this year and is projected to climb to $70,000 by the end of the second quarter of 2025.
Meanwhile, reliance on traditional coal-based power is steadily declining among miners. In contrast, the adoption of renewable energy sources is on the rise, growing at an average annual rate of 5.8%.
