US Largest Hemp Processor Enters Bitcoin Mining – Bitcoin Magazine
Generation Hemp Inc., the largest mid-stream hemp processing entity in the U.S., has renamed itself Evergreen Sustainable Enterprises, Inc., citing a new directional focus on sustainable energy projects, with their first project involving a bitcoin mining operation in Costa Rica.
According to a press release, through its subsidiary, Cryptorica, LLC, the company has purchased 80% of Toro Energía Sociedad Anonima (“Toro”), a Costa Rican corporation with ownership of a hydroelectric dam in the country that will be used to power new bitcoin mining machines. Hydroelectric power is a clean and renewable energy source that is more reliable and cost-effective than other sources, and will help reduce the carbon footprint of the mining operation. Brothers Eduardo Kopper and Roberto Kopper, who are the current owners, will retain the other 20% ownership and will continue to host the bitcoin mining operation.
“The Toro Dam is located approximately 25 miles from San Jose between two volcano craters,” states the release. “The site generates all its energy from green resources with a proven 98% run time over the years, and has a full-time staff in place under a new Operating & Maintenance Agreement.”
The move is an example of firms originally outside of Bitcoin mining entering the industry amidst a time of opportunity. With the price of Bitcoin ASICs being so far down, and many mining firms readjusting their strategy, well-capitalized businesses could see a major return on investment given the right decisions. Essential to these returns is low-cost energy, of which this project takes advantage.
“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,” said Gary C. Evans, Chairman and CEO of Evergreen Sustainable Enterprises. “Current mining site locations in development exceed six and include Arkansas, Kentucky, and Costa Rica.”
Eduardo Kopper, commenting on this new arrangement, stated that, “We are anxious to install 300 brand new bitcoin mining machines over the next few months at the Toro location.” Acknowledging the incredible opportunity at hand, he continued, “When the price of Bitcoin starts its upward trajectory, we will be extremely well positioned.”
The original Generation Hemp Inc. firm will become a subsidiary of Evergreen, and it will retain its original operations and staff.
Credit: Source link
