Generation Hemp, Inc. GENH announced on Tuesday that it is teaming up with cryptocurrency company, Crypt Solutions to build "Green Energy" plants and Bitcoin mining complexes that will utilize hemp feedstock as a fuel source to power mining equipment.
The Dallas-based company said it plans to include Generation Hemp's additional hemp drying and processing facilities in the complex.
Why It Matters
The new partnership addresses the issue of an enormous draw on the energy grid for powering the necessary data processing equipment required to maintain these cryptocurrency mining systems.
By contributing "Green Energy" - a renewable energy source with the utilization of hemp feedstock for fuel - to the overall electrical grid will help electric power suppliers stay in compliance with state initiatives that require a certain percentage of their electricity to come from renewable energy sources.
"Collaborating to power mining using environmentally sustainable hemp with an organization that we have an established relationship with and is a long-standing, integral player in cryptocurrency, makes perfect sense to all involved," Gary C. Evans, chairman and CEO of Generation Hemp said.
The Game Plan
Both Generation Hemp and Crypt Solutions have begun to assemble the necessary pieces of the "Green Energy" plant to create an independent power source for the primary purpose of powering Bitcoin mining.
Environmentally sustainable hemp, a green feedstock, will be used for Btu generation.
As the site of Generation Hemp's second hemp drying and processing outpost, the team also plans to explore harnessing the high levels of heat generated from data processing operations that are produced from Bitcoin mining equipment and redistribute that heat as supplemental Btus to dry hemp.
What's Next?
Once the facility is completed and operational, all steps will be taken to register the current facility in development for Renewable Energy Credits.
"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," Evans added.
Patty Stefanelli, COO of Crypt Solutions stressed that energy demand for mining will only increase.
"We fully recognize the need for sustainable solutions in order for the adoption of Bitcoin to continue to grow," Stefanelli said, adding that "building a 'Green Energy' power plant, fueled by an environmentally sustainable material like hemp, is the perfect opportunity."
Related News
- Is Generation Hemp Now A Leader in Pure-Play Hemp Operations for the Industrial Sector?
- Generation Hemp's Green Policy is Inspired by a Cause, Executives Move From Oil and Gas to Industrial Green
- Generation Hemp Reports Quarterly Financial Statements to SEC, Announces New Processing Contracts and Brand Launches
- Brothers in Arms: Cannabis And Cryptocurrency
Photo: Courtesy of Dmitry Demidko on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!