Generation Hemp GENH is entering the new year with a big announcement. After careful review by its board of directors, the company has decided that they have the expertise and desire to expand sustainable energy projects. The first project they are undertaking is bitcoin mining.
The company currently provides hemp processing, with an operations facility in Kentucky. While the company will continue to engage in this industry, Generation Hemp is changing its name to Evergreen Sustainable Enterprises, Inc. (“EGSE”) in the coming weeks. The hemp business will be maintained as a fully operating wholly-owned subsidiary.
EGSE closed on the purchase of Toro Energia Sociedad Anomina (“Toro”) as its first major act toward sustainable energy projects. Toro is a hydroelectric dam in Costa Rica with six generators and over one megawatt of power. The acquisition closed at $2,750,000 and EGSE now owns 80% of the dam; the remaining 20% is remaining with the family that has owned and operated the dam for over 30 years.
The dam’s power is currently being used for data center hosting facilities for bitcoin mining. Cryptomining is an energy-intensive process and using clean energy is not only good for the environment but a cost-effective source of energy. Additionally, hydroelectric power is a stable and reliable source of energy that is less likely to be disturbed by economic or geopolitical occurrences like fossil fuel energy sources.
The company followed up this announcement with its commitment on 240 new Bitmain S19J Pro+ ASIC miners. The Bitmain S19J Pro+ is one of the latest ASIC miner models, especially designed for mining Bitcoin (BTC). With a hash rate of 122TH/s and a power efficiency of 27.5 J/TH, these miners are among the most powerful and energy efficient on the marketplace today. The miners will ship directly to Costa Rica in February for containers already located on site, operated and powered by the company’s fully sustainable, green energy hydroelectric dam. This dam is located approximately 25 miles outside San Jose, Costa Rica between two volcano craters. These machines are being installed for company owned self-mining operations, as the company has no current plans to provide colocation services at this particular hydroelectric site.
Gary C. Evans, Chairman and CEO of Evergreen Sustainable Enterprises, Inc. commented, “While the changes we have announced today are significant from a future direction perspective, we believe them to be in the overall best interest of our shareholders for the future. All of our mining sites under development should generate immediate net cash flow to the company during a period when the bitcoin mining sector is down along with the overall capital markets. Current mining site locations in development exceed six and include Arkansas, Kentucky, and Costa Rica. Due to our extremely low cost of energy and our emphasis on green resources, we are being contacted by many different industry participants for potential joint ventures or partnerships at our new sites. Our financial models indicate our ability to generate positive cash flow at substantially lower Bitcoin trading levels than the current price of approximately $18,000. We are deploying the highest quality and most efficient new equipment at a fraction of the cost just six months ago.”
The company had previously partnered with Crypt Solutions, Inc. (DBA, Cryptech Solutions), one of the largest volume resellers of bitcoin mining equipment in North America. With access to remote green energy sites, the partnership with Crypt Solutions is a strategic alliance.
EGSE looks to position itself in a strong place to excel in the cryptocurrency industry when the market rebounds. It will be exciting to see how they further integrate the clean energy sector and the cryptocurrency industry.
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Photo by American Public Power Association on Unsplash