Officials representing pure play hemp company Generation Hemp, Inc. and cryptocurrency firm Crypt Solutions said the entities have partnered to build “Green Energy” plants and Bitcoin mining complexes.
The endeavor would utilize hemp feedstock as a fuel source to power the mining equipment, adding the complex would also feature Generation Hemp’s hemp drying and processing facilities.
“We continue to see an incredible reception of hemp across many different industries,” Generation Hemp, Inc. Chairman and CEO Gary C. Evans said. “As businesses recognize the ability of hemp to replace current materials in a sustainable way and farmers begin to see industries’ adoption of hemp to create a reliable market of products to support dedicated hemp acreage, past methods that deplete resources to sustain become just that – a thing of the past. Take that a step further with a look at cryptocurrency. This is an industry that will soon touch every other industry and already is hungrily devouring energy sources just to function.”
The scope of work calls for environmentally sustainable hemp to be used for Btu generation. The team also plans to explore harnessing high levels of heat generated from the data processing operations produced from Bitcoin mining equipment, redistributing the heat as supplemental Btus to dry hemp.
“As an early mover in the cryptocurrency space, we have witnessed and have been a vital part of the innovation and evolution of the mining sector happening at a remarkable pace,” Crypt Solutions Chief Operating Officer Patty Stefanelli said. “The energy demands for mining will only increase, and we fully recognize the need for sustainable solutions in order for the adoption of Bitcoin to continue to grow.”