A growing number of farms are turning to cryptocurrency in an attempt to get more of their equipment used.
In fact, the majority of the farms listed in the Farm Equipment section of the site have some sort of cryptocurrency-based revenue stream.
As of today, there are more than 100 farms in the U.S. listed in cryptocurrency.
For the most part, they are farms that have either bought cryptocurrency or traded it for commodities such as grain, coffee, or fruits and vegetables.
However, one farm that has been on a bit of a roller coaster of sorts is the Agro-Agriculture Systems Cooperative (AAPS) in San Antonio, Texas.
AAPS, which is the largest farmer cooperative in the state, is now looking to use its cryptocurrency to raise funds to buy farm equipment.
“We have about 10 to 12 percent of our inventory that we can sell through [farms],” Agro’s chief operating officer, John Farrar, told Business Insider.
Farrars said that he had already purchased three trucks for $25,000 to buy some farm equipment that he wants to put to use.
“So we are looking to buy up to $100,000 worth of farm equipment.”
In a press release, the farm said that its goal is to purchase up to 1,500 pounds of grain in 2018 and 3,000 pounds of coffee by the end of 2020.
While the amount of farmland that will be purchased through the Agrotropolis Cooperative is still being determined, it is estimated that the total value of equipment will reach $5 billion by 2021.
Fearing the end for its business, AAPS decided to take matters into its own hands.
In an effort to buy more farm equipment, the cooperative is looking to sell farm equipment to cryptocurrency holders.
“AAPS is using cryptocurrency as a medium of exchange to purchase farm equipment,” Farras said.
“The farm equipment sale will be done through the AAPS platform.”
Farrs explained that AAPS has been able to buy the farm gear through the site because of the decentralized nature of its cryptocurrency.
“Farmers are not required to be verified in the system, so the farmers are free to use the platform to purchase the farm goods they need,” he explained.
While Farrras said that the farm is already using the platform, it may not be able to purchase equipment on a regular basis.
The farm’s farm equipment is being used for the purposes of farming in the Texas Panhandle, which has been experiencing some extreme weather this winter.
“In order to have this equipment available, it would require the farm to grow and sell grain for a certain amount of time,” Fars said.
Fars added that the farmer is confident that the cryptocurrency market will be able provide the farm with the necessary infrastructure to continue to grow.
“I am confident that when the farm’s in a better position to purchase, it will be ready for purchase,” he said.
He noted that farmers are in a position to sell equipment and that this is a way to continue farming in a decentralized fashion.
“These farms are the ones that are able to use this platform to sell their farm goods,” Farrs said.