Generation Hemp Announces Initiation of First Bitcoin Installation Utilizing Hemp Biofuel Feedstock

Rhea-AI Summary

Generation Hemp, Inc. (OTC-PINK:GENH) has announced a significant collaboration with Crypt Solutions, Inc. to develop a ‘Diversified Green Energy’ project combining Bitcoin mining with hemp biomass as biofuel. An 85%-15% Joint Venture (JV) will create a 2-megawatt modular plant at GENH's Hopkinsville, Kentucky facility, expected to deploy by March/April. This initiative marks the company's entry into green Bitcoin mining, leveraging local low-cost electricity and a friendly business environment, with future plans for larger projects.

Positive

• Collaboration with Crypt Solutions aims to integrate hemp biomass into Bitcoin mining, enhancing sustainability.
• Joint Venture structure allows Generation Hemp an 85% ownership stake.
• The installation of a 2-megawatt plant at an existing facility supports rapid project implementation.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Generation Hemp, Inc., a Dallas/Fort Worth based pure play hemp company (OTCQB: GENH), today announced significant developments in the previously announced collaboration with a leading player in the Bitcoin hardware resale business, Crypt Solutions, Inc. (DBA, Cryptech Solutions). Engineering and equipment procurement is underway on the team’s first “Diversified Green Energy” project with Bitcoin mining installations that will ultimately utilize hemp biomass as a biofuel feedstock to power the mining equipment. The entire power source will also be complemented by solar power but backed up with grid power capacity from the local utility. These recent developments include the execution of a Letter of Intent on a Joint Venture (“JV”) between the companies, Generation Hemp, Inc. and Crypt Solutions, Inc. Ownership of the JV will be 85% Generation Hemp, Inc. and 15% Crypt Solutions, Inc. The JV will install a two (2) megawatt modular plant that should be ready to deploy in the March/April time frame. The installation will be at GENH Halcyon Acquisition’s (Generation Hemp, Inc.’s wholly-owned subsidiary) existing 48,000 square foot warehouse and manufacturing facility located in Hopkinsville, Kentucky. This first small-scale project will be phase one of the team’s plan to build larger complexes with the same operating model.

Gary C. Evans, Chairman and CEO of Generation Hemp, Inc. commented, “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 Megawatts 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.”

Joseph Stefanelli, the Founder and Chief Executive Officer 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.”

About Generation Hemp, Inc.

Generation Hemp, Inc. is a Dallas/Fort Worth based hemp company that operates in the midstream sector. With operations in Hopkinsville, Kentucky and Denver, Colorado, the company uses its proprietary technology to dry, clean, process and store hemp. In addition, Generation Hemp also owns and leases real estate to companies that need seed storage facilities located within the greater Denver area

About Crypt Solutions, Inc.

Crypt Solutions, Inc. (DBA Cryptech Solutions) is a private entity with headquarters in South Hadley, Massachusetts, involved in the blockchain/cryptocurrency hardware resale business. Crypt Solutions, Inc. is the largest volume reseller of ASICS in North America. They have successfully built a robust and elevated market presence with a client base of publicly traded and private large-scale miners, in addition to strong international vendor relationships. They have a long-standing, trusted reputation in the mining community, and are committed to customer success. Cryptech’s sister company, DELV Innovation, engineers some of the highest quality, safest cryptocurrency mining infrastructure and offers one of the only fully UL listed mobile data centers on the market, as well as a UL listed, fully integrated, indoor racking solution for miners.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates,” “projects”, “forecasts”, “proposes”, “should”, “likely” or similar expressions, indicates a forward-looking statement. These statements and all the projections in this press release are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. The identification in this press release of factors that may affect the company’s future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220225005113/en/

Melissa M. Pagen

Generation Hemp, Inc.

Phone: (310) 628-2062

Email: mpagen@genhempinc.com

Source: Generation Hemp, Inc.

FAQ

What is the recent collaboration between Generation Hemp and Crypt Solutions?

Generation Hemp, Inc. has partnered with Crypt Solutions, Inc. to create a Joint Venture focused on sustainable Bitcoin mining using hemp biomass as biofuel.

What are the key features of the Joint Venture announced by Generation Hemp?

The Joint Venture will have an 85% ownership for Generation Hemp and will establish a 2-megawatt modular plant in Kentucky.

When is the new Bitcoin mining project by Generation Hemp expected to launch?

The Bitcoin mining project is anticipated to be operational by March/April.

How will Generation Hemp's project utilize renewable energy?

The project will use hemp biomass as biofuel and will be complemented by solar power, backed by grid capacity.

What is the significance of Generation Hemp's new project for the company?

This project marks Generation Hemp's entry into the green Bitcoin mining sector, signaling potential growth and innovation.