AgriFORCE Growing Systems Comments on 600% Growth in Mining Capabilities and Legislation Initiatives
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.
AgriFORCE Growing Systems (NASDAQ: AGRI) ha riportato una crescita significativa nelle sue operazioni di mining di bitcoin con l'acquisizione di una struttura da 5 MW nella Contea di Columbiana, Ohio. L'azienda ha aumentato il suo hashrate di oltre 600% in meno di 60 giorni, dimostrando una rapida espansione delle sue capacità di mining.
Il CEO Jolie Kahn ha annunciato la strategia dell'azienda di continuare a puntare su asset inerti con potenziale di crescita scalabile e piani di mantenere il 10% o più della produzione di Bitcoin. L'espansione è in linea con le iniziative relative alle criptovalute in Ohio, inclusa la proposta di legge Ohio Bitcoin Reserve Act (HB 703), che mira ad utilizzare Bitcoin come un mezzo di protezione contro la svalutazione della valuta.
Si prevede che la struttura creerà nuovi posti di lavoro nelle tecnologie avanzate e nell'agricoltura sostenibile, contribuendo alla sicurezza alimentare in Ohio, dove oltre il 14% delle famiglie affronta sfide legate all'insicurezza alimentare.
AgriFORCE Growing Systems (NASDAQ: AGRI) ha reportado un crecimiento significativo en sus operaciones de minería de bitcoin con la adquisición de una instalación de 5 MW en el Condado de Columbiana, Ohio. La empresa ha aumentado su hashrate en más de 600% en menos de 60 días, demostrando una rápida expansión en sus capacidades de minería.
La CEO Jolie Kahn anunció la estrategia de la empresa para continuar apuntando a activos inactivos con potencial de crecimiento escalable y planes de retener el 10% o más de su producción de Bitcoin. La expansión está alineada con las iniciativas de criptomonedas de Ohio, incluyendo la propuesta de la Ley de Reserva de Bitcoin de Ohio (HB 703), que tiene como objetivo utilizar Bitcoin como un refugio contra la devaluación de la moneda.
Se espera que la instalación genere nuevos empleos en tecnología avanzada y agricultura sostenible, contribuyendo a la seguridad alimentaria en Ohio, donde más del 14% de los hogares enfrenta desafíos de inseguridad alimentaria.
AgriFORCE Growing Systems (NASDAQ: AGRI)는 오하이오주 콜럼비아나 카운티에 5MW 시설을 인수하여 비트코인 채굴 작업에서 상당한 성장을 보고했습니다. 이 회사는 60일도 채 안 되는 기간 동안 해시레이트를 600% 이상 증가시켜 채굴 능력의 빠른 확장을 보여주고 있습니다.
CEO 조리 칸은 회사의 전략으로 확장 가능한 성장 잠재력을 가진 방치된 자산을 계속 타겟팅하고 비트코인 생산의 10% 이상을 HODL할 계획을 발표했습니다. 이 확장은 비트코인을 통화 가치 하락에 대한 헤지 수단으로 사용하는 것을 목표로 하는 오하이오 비트코인 예비법(HB 703) 등 오하이오의 암호화폐 이니셔티브와 일치합니다.
이 시설은 첨단 기술 및 지속 가능한 농업 분야에서 새로운 일자리를 창출할 것으로 기대되며, 오하이오에서 14% 이상의 가구가 식량 불안 문제에 직면해 있는 가운데 식량 안전에도 기여할 것입니다.
AgriFORCE Growing Systems (NASDAQ: AGRI) a rapporté une croissance significative de ses opérations de minage de bitcoin avec l'acquisition d'une installation de 5 MW dans le comté de Columbiana, Ohio. L'entreprise a augmenté son hashrate de plus de 600% en moins de 60 jours, démontrant une rapide expansion de ses capacités de minage.
Le PDG Jolie Kahn a annoncé la stratégie de l'entreprise de continuer à cibler des actifs abandonnés avec un potentiel de croissance évolutif et des projets de conserver 10 % ou plus de leur production de Bitcoin. L'expansion s'aligne avec les initiatives en matière de cryptomonnaies de l'Ohio, y compris le projet de loi sur la réserve de Bitcoin de l'Ohio (HB 703), qui vise à utiliser le Bitcoin comme couverture contre la dévaluation de la monnaie.
L'installation devrait créer de nouveaux emplois dans les technologies avancées et l'agriculture durable tout en contribuant à la sécurité alimentaire dans l'Ohio, où plus de 14 % des ménages sont confrontés à des défis d'insécurité alimentaire.
AgriFORCE Growing Systems (NASDAQ: AGRI) hat ein signifikantes Wachstum in seinen Bitcoin-Mining-Aktivitäten mit der Übernahme einer 5-MW-Anlage im Columbiana County, Ohio, gemeldet. Das Unternehmen hat seine Hashrate in weniger als 60 Tagen um über 600% erhöht, was auf eine schnelle Expansion seiner Mining-Kapazitäten hinweist.
CEO Jolie Kahn kündigte die Strategie des Unternehmens an, weiterhin auf ungenutzte Vermögenswerte mit skalierbarem Wachstumspotenzial abzuzielen und plant, 10 % oder mehr ihrer Bitcoin-Ausbeute zu HODLn. Die Expansion steht im Einklang mit den Krypto-Initiativen von Ohio, einschließlich des vorgeschlagenen Ohio Bitcoin Reserve Act (HB 703), der darauf abzielt, Bitcoin als Schutz gegen Währungsabwertung zu nutzen.
Die Anlage wird voraussichtlich neue Arbeitsplätze in fortschrittlichen Technologien und nachhaltiger Landwirtschaft schaffen und gleichzeitig zur Ernährungssicherheit in Ohio beitragen, wo über 14 % der Haushalte mit Problemen der Ernährungssicherheit konfrontiert sind.
- 600% increase in hashrate within 60 days
- Strategic acquisition of 5 MW bitcoin mining facility
- Plan to HODL 10% or more of Bitcoin output
- None.
Insights
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
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
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.
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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
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