Generation Hemp sees more peer-to-peer in the future for cannabis than just passing around a pre-roll. The Dallas, TX-based hemp processor unveiled plans to mine for cryptocurrency using cannabis as a fuel source and in January announced it has committing to acquire 240 new Bitmain S19J Pro+ ASIC miners through its recently acquired 80% owned subsidiary, Toro Energía Sociedad Anonima.
Teaming with Bitcoin hardware resale business Crypt Solutions, Generation Hemp’s green-into-green plan will utilize hemp as a biofuel to power the computing hardware it uses to mine coin. The company has begun procuring equipment for its first “Diversified Green Energy” project, Generation Hemp said.
Energy derived from burning the biomass will be complemented by solar power and backed up with power from a local utility. Generation Hemp is building its mining equipment its subsidiary GENH Halcyon Acquisition’s 48,000-sq. ft. warehouse and manufacturing facility in Hopkinsville, KY. The joint venture will construct a 2-megawatt modular plant that should be ready to fire up for mining by April, Generation Hemp said.
“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,” Generation Hemp chairman and CEO Gary Evans said.
“Also, by starting with just 2 Megawatts of Bitcoin mining, or 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 United States.”
Generation Hemp will keep 85% of the cryptocurrency uncovered in the venture, while Crypt Solutions will retain 15%, the partners said.Advertisement
Crypt Solutions, headquartered in South Hadley, MA, is the America’s largest volume reseller of blockchain and cryptocurrency hardware that integrates application-specific integrated circuitry (ASIC) for the purpose of mining bitcoin or another cryptocurrency.
“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,” Crypt Solutions founder and CEO Joseph Stefanelli said.
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