AgriFORCE Growing Systems Comments on 600% Growth in Mining Capabilities and Legislation Initiatives

Rhea-AI Summary

AgriFORCE Growing Systems (NASDAQ: AGRI) has reported significant growth in its bitcoin mining operations with the acquisition of a 5 MW facility in Columbiana County, Ohio. The company has increased its hashrate by over 600% in less than 60 days, demonstrating rapid expansion in its mining capabilities.

CEO Jolie Kahn announced the company's strategy to continue targeting stranded assets with scalable growth potential and plans to HODL 10% or more of their Bitcoin output. The expansion aligns with Ohio's cryptocurrency initiatives, including the proposed Ohio Bitcoin Reserve Act (HB 703), which aims to use Bitcoin as a hedge against currency devaluation.

The facility is expected to create new jobs in advanced technology and sustainable agriculture while contributing to food security in Ohio, where over 14% of households face food insecurity challenges.

Positive

• 600% increase in hashrate within 60 days
• Strategic acquisition of 5 MW bitcoin mining facility
• Plan to HODL 10% or more of Bitcoin output

Negative

• None.

Insights

Cryptocurrency & Mining Operations Analyst

The reported 600% increase in hashrate capacity through the 5 MW Ohio facility represents a significant operational milestone for AgriFORCE, though investors should carefully consider several key factors:

Mining Economics & Strategy: The decision to retain 10% of mined Bitcoin suggests a balanced approach between immediate revenue generation and long-term value accumulation. However, with Bitcoin's historically volatile nature, this HODL strategy introduces additional market exposure risks to the balance sheet.

Operational Integration: The company's unique approach of combining stranded gas assets with agricultural operations presents both opportunities and challenges:

• The use of stranded gas assets could potentially provide cost-effective energy sources for mining operations, improving operational margins
• The integration with agricultural assets could create synergies through waste heat utilization and energy optimization
• However, managing two distinct operational focuses (crypto mining and agriculture) requires significant expertise and could strain management resources

Regulatory Environment: Ohio's proposed Bitcoin Reserve Act (HB 703) could provide a supportive regulatory framework, potentially reducing operational risks and improving institutional acceptance. This legislative backing distinguishes the operation from other mining facilities in less crypto-friendly jurisdictions.

Market Position & Scalability: While the 600% hashrate increase is impressive in percentage terms, the absolute capacity of 5 MW remains relatively modest compared to larger mining operations. The focus on stranded assets suggests a scalable growth strategy, but execution and capital requirements will be critical factors to monitor.

Vancouver, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), a leading technology-driven innovator, recently reported on the acquisition of its 5 MW bitcoin mining facility located in Columbiana County, Ohio. This acquisition has increased the Company’s hashrate by over 600% and highlights the Company’s strategic growth plan of stranded gas assets to be coupled with sustainable agricultural assets in the coming months. Commenting on the Company’s incremental growth, Jolie Kahn, CEO, stated “We are growing at a steady rate having increased hashrate by over 600% in under 60 days. We will continue looking at stranded assets with scalable growth potential and looking to HODL our Bitcoin at 10% or more of our output.”

Supporting Ohio’s Role in Cryptocurrency Innovation

Ohio has positioned itself as a pioneer in blockchain and cryptocurrency innovation, driven by initiatives like the proposed Ohio Bitcoin Reserve Act (HB 703). This legislation, aimed at leveraging Bitcoin as a hedge against currency devaluation, underscores the state’s commitment to financial and technological advancements. AgriFORCE’s investment in the Columbiana County facility aligns with these efforts, cementing Ohio’s reputation as a leader in clean energy integration and digital asset development.

Economic and Social Benefits

The facility’s operations are expected to generate meaningful economic benefits for Ohio, including:

· Job Creation: The project will create new opportunities in advanced technology and sustainable agriculture, addressing workforce development needs in the region.

· Enhanced Food Security: By implementing agricultural practices that produce nutrient-rich crops, AgriFORCE will contribute to addressing food insecurity challenges in Ohio, where over 14% of households face such issues.

About AgriFORCE Growing Systems Ltd.

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) is a forward-thinking technology company dedicated to solving critical challenges in agriculture, sustainability, and environmental stewardship. By leveraging advanced technologies and innovative business models, AgriFORCE aims to deliver value for shareholders while creating lasting benefits for communities and ecosystems.

Follow AgriFORCE on Social Media:

• Twitter: @agriforcegs
• Facebook: AgriFORCE Growing Systems Ltd.
• LinkedIn: AgriFORCE Growing Systems Ltd.
  

Forward-Looking Statements 

Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will”, “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Period Reports on Forms 10-K and 10-Q, as may be supplemented or amended by the Company's Current Reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

For more information, visit www.agriforcegs.com.

For media inquiries, please contact:

Richard Wong
CFO
AgriForce Growing Systems Ltd.
1-778-658-0533
rwong@agriforcegs.com

FAQ

How much has AGRI's bitcoin mining hashrate increased in 2025?

AgriFORCE Growing Systems (AGRI) has increased its hashrate by over 600% in less than 60 days following the acquisition of its 5 MW bitcoin mining facility in Ohio.

What is AGRI's Bitcoin HODL strategy for 2025?

AgriFORCE plans to HODL (hold) 10% or more of their Bitcoin mining output.

Where is AGRI's new bitcoin mining facility located?

AGRI's new 5 MW bitcoin mining facility is located in Columbiana County, Ohio.

How does AGRI's expansion align with Ohio's cryptocurrency initiatives?

AGRI's expansion aligns with Ohio's cryptocurrency initiatives, including the proposed Ohio Bitcoin Reserve Act (HB 703), which aims to use Bitcoin as a hedge against currency devaluation.

What economic benefits will AGRI's new facility bring to Ohio?

The facility is expected to create new jobs in advanced technology and sustainable agriculture, while also contributing to food security in Ohio.