AgriFORCE Powers Bitcoin Mining with Stranded Natural Gas in Alberta

AgriFORCE Growing Systems Ltd., a Canadian agricultural firm, has embarked on an innovative project to utilize stranded natural gas for powering 120 Bitcoin mining rigs. Located in Berwyn, Alberta, this initiative is a joint effort with energy provider BlueFlare Energy. The site is designed to draw 425 kilowatts (kW) to produce 32 petahashes per second (PH/s) of computing power, as announced by AgriFORCE. Stranded gas, which includes natural gas that is either not economically viable to mine or cannot be physically reached by extraction equipment, is the primary energy source for this operation.

In addition to the Berwyn site, AgriFORCE has signed a binding letter of intent with BlueFlare to develop two more sites in the Alberta region, specifically in Oyen and Hinton. These new locations will follow the same model used at the Berwyn site, leveraging stranded natural gas to power Bitcoin mining rigs. Jolie Kahn, CEO of AgriFORCE, highlighted the efficiency of their approach, stating, "We don’t wait for permits or grid upgrades — we convert gas into compute in weeks, not years."

AgriFORCE's strategy for Bitcoin mining involves retaining up to 50% of the mined Bitcoin in its treasury, while the remaining half will be used to expand its operations. The firm has already mined 7 Bitcoin (BTC) from its operations in Alberta and Ohio, with a current value of approximately $735,000. Furthermore, AgriFORCE plans to use up to 50% of the capital it raises to directly purchase Bitcoin, demonstrating a strong commitment to the cryptocurrency.

The rising cost of Bitcoin mining has led miners to explore alternative energy sources to keep operational costs low. AgriFORCE's use of stranded natural gas is a strategic response to this trend, as miners increasingly adopt renewable energy sources. This shift is part of a broader movement away from traditional coal-based electricity, with renewable energy adoption growing at an average rate of 5.8% yearly. By utilizing stranded natural gas, AgriFORCE not only addresses environmental concerns associated with Bitcoin mining but also provides a practical solution for converting an otherwise wasted resource into valuable computing power.

This initiative by AgriFORCE showcases a forward-thinking approach to both energy management and digital currency mining. By converting stranded natural gas into computing power, the firm is supporting its financial goals while contributing to a more sustainable future for the cryptocurrency industry. This strategy not only benefits AgriFORCE but also sets a precedent for other firms looking to integrate renewable energy sources into their operations. The success of this project could pave the way for similar initiatives, furthering the adoption of sustainable practices in the cryptocurrency mining sector.