Massachusetts-based Bitcoin hardware firm to use Hemp Biomass to power Mining Equipment

March 1, 2022
Hemp biomass will be used as biofuel feedstock and complemented by solar power, to power the mining equipment. The setup will be backed by grid power capacity from the local utility

Generation Hemp, a hemp company that operates in the midstream sector, has moved a step forward in its collaborative “Diversified Green Energy” project with Crypt Solutions, a Bitcoin hardware resale business.

The engineering and equipment procurement process is currently underway for this project. Hemp biomass will be used as biofuel feedstock and complemented by solar power, to power the mining equipment.

The setup will be backed by grid power capacity from the local utility.

Additionally, the firms have now executed the Letter of Intent on a Joint Venture, wherein Generation Hemp will hold an 85% ownership of the JV and Crypt Solutions will hold the remaining 15%.

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Under this JV, a 2-MW modular plant will be installed at GENH Halcyon Acquisition’s existing 48,000 square feeet warehouse and manufacturing facility in Hopkinsville, Kentucky. This plant will be ready for deployment in March-April 2022.

Joseph Stefanelli, the founder and CEO of Crypt Solutions, Inc. added, “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.”

Gary C. Evans, Chairman and CEO of Generation Hemp, Inc. added, “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 2 MW 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 U.S.”

This project will constitute the first phase of the firms’ plan to develop larger complexes with the same operating model under the JV.