A collaboration between a crypto firm and the largest US hemp supplier has now begun creating sustainable mining facilities that will double up as hemp drying facilities.
Generation Hemp is teaming up with Crypt Solutions to build green energy plants and Bitcoin mining complexes. The facilities will see hemp feedstock used to fuel Bitcoin mining activity, and then the heat generated from the activity will be used to dry hemp.
The first-of-its-kind project, at GENH Halcyon Acquisition’s (Generation Hemp’s wholly-owned subsidiary) 48,000 square foot warehouse and manufacturing facility located in Hopkinsville, Kentucky, is now underway. Engineering and equipment procurement is taking place, and the parties have stated that a two megawatt modular plant should be ready to deploy by March or April.
Chairman and CEO of Generation Hemp, Gary Evans, commented: “We decided that the ideal place to initiate our first green Bitcoin mining operation was right in our own backyard.
“We are located in an industrial park of western Kentucky with ample low cost electric availability and a very friendly business environment. Also, by starting with just two megawatts of Bitcoin mining (576 miners), it gives us an opportunity of beginning a project quickly and efficiently with our partners at Crypt Solutions.
“This will be a tremendous learning experience for us as we are planning significantly larger projects in the southeastern US.”
The entire power source will be complemented by solar power, but backed up with grid power capacity from the local utility. Evans recently told Cannabis Wealth that the project had been hailed by political insiders as “the most innovative idea” they have ever heard.
Bitcoin mining machines use a mix of high- and low-carbon sources, and the activity has been earmarked as an innovation that could help catalyse the transition to clean energy. Hemp has also been garnering more attention as an eco-friendly alternative crop – with high carbon sequestration ability and an ideal material as a replacement for harmful plastics, fibres and fuels.
Founder and CEO of Crypt Solutions, Joseph Stefanelli, stated: “We are excited to move this project forward.
“Using existing assets and sites owned by Generation Hemp in combination with the UL listed, turn-key products manufactured by our sister company, DELV Innovation, we will be able to get our first 2MW up and running very quickly.”
This first small-scale project will be phase one of the team’s plan to build larger complexes with the same operating model. Under recent developments, the parties have signed a Letter of Intent which will see ownership of the joint venture at 85 per cent Generation Hemp and 15 per cent Crypt Solutions.