The Canadian agricultural firm Agriforce Growing Systems Ltd. has launched an initiative to use gas in the gradual to turn on 120 mining platforms of Bitcoin, which the company says it plans to expand.
The site, location in Berwyn, Alberta, and was launched in association with the Blueflare Energy supplier, attracts 425 kilowatts (kW) for 32 petahashhes per second (pH/s) or computer power, Agriforce said Tuesday.
The site will use the so -called setlectual and natural gas gas that cannot be tasks immediately to market, since it is not economically viable for mine or cannot be physically contacted by the necessary equipment to extract it.
Agriforce also signed a letter of binding intention with Blueflare to open two more sites in the Alberta region in Oyen and Hinton, which will replicate the use of the model in its Berwyn site.
“We do not expect permissions or updates of the grid: we convert gas to calculate in week, no years,” said the CEO of Agriforce, Jolie Kahn.
Agriforce Bitcoin strategy
Agriforce said it has already extracted 7 Bitcoin (BTC), with an approximate value of $ 735,000, of its operations in Alberta and Ohio.
The Canadian firm could keep up to the middle of the BTC that extracts in its Bitcoin treasure, while the other half will be used to expand its operations.
The firm said it could use up to 50% of the money collected as a capital to buy directly Bitcoin.
Agriforce stock reaction
Agriforce (AGRI) shares increased by 1.85% on Tuesday and finished the negotiation session at $ 1.10. However, Agriforce shares have dropped more than 53% in the year they are agreed to Google Finance.
Duration The fiscal year that ended 2024, Agriforce’s income saw an increase or 317% year after year, while only profits increased more than 66% consecration in the same period.
Renewable energy used for mining
With the cost of Bitcoin mining, miners are likely to consider alternatives to keep costs.
A report from the Mining Research firm of Bitcoin Theminermag indicates that the cost of producing a single BTC was $ 64000 in the first quarter of this year. The firm expects this cost to increase to $ 70,000 at some point that changes the quarter ending in June 2025.
Earlier this year, a report stressed that the dependence of the miners of the traditional electricity sources based on coal is decreasing, while, on the other hand, the miners are adopting more and more renewable energy, which is a growth rate or 5.8% annual.
