AgriFORCE Growing Systems acquires a 5 MW bitcoin mining facility, boosting hashrate by 600% and supporting Ohio’s economic growth.
Quiver AI Summary
AgriFORCE Growing Systems Ltd. announced the acquisition of a 5 MW bitcoin mining facility in Columbiana County, Ohio, which has increased the company's hashrate by over 600%. This move is part of AgriFORCE's strategic growth plan that focuses on stranded gas assets aligned with sustainable agricultural practices. CEO Jolie Kahn emphasized the company's steady growth and plans to retain at least 10% of their Bitcoin output. The acquisition also supports Ohio's emergence as a leader in blockchain and cryptocurrency, bolstered by initiatives like the proposed Ohio Bitcoin Reserve Act. The facility is expected to create jobs and enhance food security in the region.
Potential Positives
- Acquisition of a 5 MW bitcoin mining facility has increased AgriFORCE's hashrate by over 600%, demonstrating significant operational growth.
- The investment aligns with Ohio's commitment to blockchain and cryptocurrency innovation, enhancing the company’s strategic position in a growing market.
- The project is expected to generate job creation and economic benefits in Ohio, contributing positively to the local economy and addressing workforce development needs.
- AgriFORCE’s focus on sustainable agriculture alongside cryptocurrency contributes to enhanced food security in Ohio, addressing food insecurity challenges in the region.
Potential Negatives
- The reliance on the volatile cryptocurrency market could introduce significant financial risks to AgriFORCE, impacting investor confidence and potential revenue stability.
- The forward-looking statements include warnings about inherent risks and uncertainties, which may lead to discrepancies between projected and actual outcomes, raising concerns about the company's future performance.
- The acquisition of a bitcoin mining facility may divert focus from AgriFORCE's core business in sustainable agriculture, potentially affecting the company's long-term strategic priorities.
FAQ
What recent acquisition did AgriFORCE announce?
AgriFORCE announced the acquisition of a 5 MW bitcoin mining facility in Columbiana County, Ohio.
How has AgriFORCE's hashrate changed?
The acquisition increased AgriFORCE’s hashrate by over 600% in under 60 days.
What is the significance of Ohio in cryptocurrency?
Ohio is becoming a leader in cryptocurrency innovation, highlighted by initiatives like the Ohio Bitcoin Reserve Act.
What economic benefits will the new facility bring?
The facility is expected to create jobs and improve food security in the region.
How does AgriFORCE support sustainability?
AgriFORCE uses advanced technologies to solve agricultural challenges, promoting sustainability and environmental stewardship.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AGRI Hedge Fund Activity
We have seen 4 institutional investors add shares of $AGRI stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC removed 153,901 shares (-44.2%) from their portfolio in Q3 2024, for an estimated $7,787
- JANE STREET GROUP, LLC removed 130,192 shares (-90.6%) from their portfolio in Q3 2024, for an estimated $6,587
- UBS GROUP AG added 91,234 shares (+68.6%) to their portfolio in Q3 2024, for an estimated $4,616
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 63,227 shares (-86.3%) from their portfolio in Q3 2024, for an estimated $3,199
- XTX TOPCO LTD removed 25,884 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $1,309
- TWO SIGMA SECURITIES, LLC added 23,901 shares (+inf%) to their portfolio in Q3 2024, for an estimated $1,209
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Full Release
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:
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@agriforcegs
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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
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