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VANCOUVER/BERWYN - AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI), a micro-cap company with a market value of $2.12 million that InvestingPro analysis indicates is currently undervalued, has launched bitcoin mining operations at its Berwyn, Alberta site and reaffirmed its bitcoin treasury strategy, according to a company press release issued Tuesday.
The company has activated a 425 kW energy module at the Berwyn facility, which was commissioned on June 17. The site is now actively generating bitcoin daily, with mining equipment deployed within weeks of ground installation.
This marks the first operational site under AgriFORCE’s agreement with BlueFlare Energy, which was announced in June. The company plans to expand to additional sites in Oyen and Hinton, Alberta, following a similar deployment model.
AgriFORCE stated it intends to allocate up to 50% of its net investment capital to bitcoin purchases once it receives its next significant capital influx. The company also plans to retain up to 50% of self-mined bitcoin for long-term holdings.
"No waiting for utilities, no multi-year construction. We moved from gas flare to Bitcoin production in days and weeks," said Jolie Kahn, CEO of AgriFORCE.
The company reported having approximately 6 MW currently deployed across Alberta and Ohio, with access to more than 50 MW of natural gas and a potential expansion pipeline exceeding 100 MW.
The announcement comes as bitcoin reached a new all-time high of $119,700 on Monday, according to the press release.
AgriFORCE also indicated it is exploring future applications for its infrastructure beyond bitcoin mining, including AI processing environments and edge computing for industrial applications.
In other recent news, AgriFORCE Growing Systems Ltd. has reported significant developments in its business operations. The company announced the successful installation and commissioning of mining equipment at its Oyen, Alberta site, marking progress in its Power & Compute Initiative. This initiative is part of a binding agreement with BlueFlare Energy Solutions Inc. and aims to expand AgriFORCE’s decentralized computing capabilities. AgriFORCE has also unveiled a three-pillar strategy focused on bitcoin mining, with the company having mined 7 bitcoin valued at approximately $750,000 over the past seven months. Additionally, the firm has signed a deal to deploy 1.3 megawatts of Bitcoin mining infrastructure across five sites in Alberta, in collaboration with BlueFlare Energy Solutions. However, not all news was positive, as Radical Clean Solutions Ltd. terminated its asset purchase agreement with AgriFORCE, citing multiple breaches of contract, and has filed a lawsuit seeking damages. These recent developments reflect AgriFORCE’s ongoing efforts to expand its operations while navigating legal challenges.
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