AgriForce Growing Systems Provides Update On Bitcoin Mining Operations
Rhea-AI Summary
AgriForce Growing Systems (NASDAQ: AGRI) has announced significant updates to its Bitcoin mining operations. The company has purchased 500 additional S19j Pro Antminers for its second Ohio site, which will utilize all five MW of available power upon installation completion around May 9, 2025. The two Ohio sites combined will deliver an estimated hash rate of 130 PH/s, marking a 63% increase from current levels.
The company's Alberta facility is operating at full capacity with various ASIC miners, including 81 Bitmain S19k Pro 120T, 50 Bitmain S21 XP 270T, and 120 Bitmain S19j Pro 100T Antminers, delivering a hash rate of 33.62 PH/s. Upon completion, the total hash rate across all three facilities will reach 166.62 PH/s.
The expansion strategy focuses on capitalizing on smaller, economically advantageous opportunities with stranded natural gas as the main power source. The company began its first mining operation during Thanksgiving Weekend 2024 and plans to launch agricultural co-location projects in the coming months.
Positive
- Purchase of 500 additional S19j Pro Antminers for full capacity utilization
- 63% hash rate increase expected in Ohio facilities
- Total hash rate will reach 166.62 PH/s across all facilities
- Strategic focus on cost-effective smaller facilities using stranded natural gas
Negative
- Heavy reliance on cryptocurrency mining performance for revenue
- Significant power consumption requirements for mining operations
Insights
AgriForce significantly expands Bitcoin mining capacity with 500 new miners, increasing hash rate by 63% while strategically utilizing stranded natural gas for cost efficiency.
AgriForce's operational update reveals a significant expansion of their Bitcoin mining infrastructure with the purchase of 500 additional S19j Pro Antminers. This acquisition will fully utilize the 5 MW power capacity at their second Ohio site, with completion expected by May 9, 2025. The expansion will boost their Ohio facilities' combined hash rate to an estimated 130 PH/s, representing a
Their Alberta facility is already operating at full capacity with an estimated hash rate of 33.62 PH/s, powered by a diverse fleet of ASIC miners including 81 Bitmain S19k Pro 120T, 50 Bitmain S21 XP 270T, and 120 Bitmain S19j Pro 100T Antminers. Upon completing the Ohio installation, AgriForce's total hash rate across all three facilities will reach approximately 166.62 PH/s.
The company's focus on utilizing stranded natural gas as their primary power source represents a strategic advantage in an industry where electricity costs significantly impact operational margins. This approach allows them to target smaller, economically advantageous opportunities that larger mining operations typically overlook. While their current hash rate remains modest compared to industry giants, their rapid expansion since entering the space in November 2024 demonstrates impressive operational execution.
This operational update demonstrates AgriForce's continued execution of their digital infrastructure strategy, having only entered the Bitcoin mining space during Thanksgiving Weekend 2024. The
The company is implementing a differentiated strategy by targeting smaller mining opportunities that "fall below the radar of the big players" in the industry. Their emphasis on stranded natural gas power sources suggests a deliberate approach to securing cost advantages in a competitive market where power expenses typically determine profitability margins.
While specific financial terms of the miner acquisition aren't disclosed, the systematic expansion across multiple facilities indicates management's confidence in the operation's potential returns. Notably, CEO Jolie Kahn emphasizes their team is "dedicated to increasing shareholder value by moving quickly and strategically."
It's worth highlighting that AgriForce maintains its identity as an "ag-tech and digital infrastructure company," with plans to bring "agricultural co-location projects online in the coming months." This suggests Bitcoin mining represents a diversification rather than replacement of their original business model, potentially providing investors exposure to multiple growth vectors. The company's ability to rapidly scale mining operations while continuing to pursue agricultural technology initiatives demonstrates operational flexibility and resource management capabilities.
Vancouver, British Columbia and West Palm Beach, FL, April 22, 2025 (GLOBE NEWSWIRE) -- AgriForce Growing Systems Ltd. (“AgriForce” or the “Company”) (NASDAQ: AGRI), an innovative ag-tech and digital infrastructure company, is pleased to announce milestone operational updates on both its Ohio and Alberta facilities.
As of yesterday, the Company has completed the purchase of 500 additional S19j Pro Antminers which upon completion of installation will fully rack its second Ohio site, with all five MW of available power utilized. Completion of installation and full operation is estimated to occur on or about May 9, 2025. The two Ohio sites, combined, will deliver an estimated total hash rate of 130 PH/s (petahashes per second) an estimated increase of
As previously reported, the Alberta facility is operating at full designed capacity with a robust lineup of industry-leading ASIC miners, including, with an estimated total hash rate of 33.62 PH/s, with 81 Bitmain S19k Pro 120T Antminers, 50 Bitmain S21 XP 270T Antminers and 120 Bitmain S19j Pro 100T Antminers.
The combined total hash rate of all three facilities, upon completion of installation of the machines in Ohio, will be 166.62 PH/s, based on these estimated numbers. The Company continues to explore acquisition of new miners and power opportunities.
This latest expansion is demonstrative of AgriForce’s continued operational gains, which combine opportunistic agility in taking advantage of smaller and well priced situations and as always, trending to be at the forefront of digital asset infrastructure development, leveraging cutting-edge technology and energy-efficient operations to deliver strong, sustainable returns.
“This has been a dynamic and wild ride, given that we energized our first mining opportunity during Thanksgiving Weekend 2024,” said Jolie Kahn, CEO of AgriForce Growing Systems. “We continue to increase our hashrate and available power in a strategic manner, looking for small, economically advantageous opportunities with stranded natural gas as our main driver of power.”
She added “Our team is dedicated to increasing shareholder value by moving quickly and strategically and taking advantage of niche opportunities which help us build a strong foundation. By being able to capitalize upon small facilities, we are able to monetize opportunities which fall below the radar of the big players in our industry. We look forward to bringing our agricultural co-location projects online in the coming months as well as to our continued mining expansion.”
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:
- X: @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 Further Information, Please Contact: Investor Relations, 1-561-717-1742
FAQ
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