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VANCOUVER and WEST PALM BEACH - AgriForce Growing Systems Ltd. (NASDAQ: AGRI), a micro-cap company with a market capitalization of $2.87 million specializing in digital energy innovation, has announced the arrival of 500 Bitmain S19j Pro 100T Bitcoin mining machines at its second facility in East Palestine, Ohio. Despite the stock’s significant decline of over 30% year-to-date, InvestingPro analysis suggests the company appears undervalued at its current price of $1.65. The new equipment is slated for installation tomorrow and is expected to bolster the company’s Bitcoin mining capacity by 50 petahash per second (PH/s), raising its total operational hashrate in Ohio to 130 PH/s.
The delivery follows the company’s strategy to expand its mining operations and enhance cost efficiency. With the addition of these machines, AgriForce will operate 130 PH/s across two fully owned facilities in the state. According to InvestingPro data, analysts project an impressive revenue growth of over 5,000% for the coming year, though the company’s overall financial health score remains weak. The company benefits from low-cost power agreements and vertically integrated infrastructure, positioning itself as a competitive player in the North American Bitcoin mining sector.
Jolie Kahn, CEO of AgriForce, expressed that the arrival of the new machines at the East Palestine site is a significant step in the company’s scale-up roadmap. "This delivery is expected to enhance our operational capacity and improve our cost efficiency as we move toward our goal of reaching one exahash," Kahn stated.
Chris Polimeni, CFO of AgriForce, highlighted the company’s swift transition from investment to revenue generation, emphasizing the agility and efficiency of their operations in rapidly deploying new mining hardware.
AgriForce Growing Systems Ltd. is known for its commitment to addressing challenges in agriculture, digital infrastructure, and environmental innovation. The company aims to build energy-efficient operations that support sustainable growth, leveraging clean energy assets and proprietary infrastructure strategies.
The information reported is based on a press release statement from AgriForce Growing Systems Ltd. For deeper insights into AGRI’s financial metrics and 18 additional exclusive ProTips, visit InvestingPro.
In other recent news, AgriForce Growing Systems Ltd. has disclosed preliminary Bitcoin mining costs, estimating an average expense of approximately $41,000 to mine one Bitcoin. This figure is derived from their operations in Alberta and Ohio, which have been active for only a few months. AgriForce also completed a significant expansion by acquiring 500 S19j Pro Antminers for its Ohio facility, boosting its total hash rate by 63% to 130 PH/s. Furthermore, the company announced the full operational deployment of its optimized Bitcoin mining facility in Sturgeon, Alberta, now functioning at a hash rate of 35.22 PH/s.
In corporate developments, AgriForce made changes to its financial agreements by amending the conversion price of its January 2025 Debentures to $1.90, deferring a scheduled amortization payment. The company also reported executive changes with Barrett Mooney resigning as Chief Operating Officer, while two executives received unregistered shares in lieu of cash compensation. Additionally, AgriForce appointed CBIZ CPAs as its new accounting firm following the resignation of Marcum LLP. These developments reflect AgriForce’s ongoing efforts to manage its operations and financial strategies effectively.
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