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    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
    D-Kuru, CC BY-SA 3.0 AT , via Wikimedia Commons
    Hemp 621e2f0260abe

    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%.

    Will Hemp make EV Batteries Better? Read more

    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. 

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.