Generation Hemp Inc., the largest mid-stream hemp processing entity in the US, has changed its name to Evergreen Sustainable Enterprises, Inc., with a new focus on sustainable energy projects, with the 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 company with ownership of hydroelectric dams in the country that will be used for power. new bitcoin mining machine. Hydroelectric power is a clean, renewable energy source that is more reliable and cost-effective than other sources, and will help reduce the carbon footprint of mining operations. 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 about 25 miles from San Jose between two volcanic craters,” the release said. “The site generates all its energy from green resources with a proven 98% uptime over many years, and has full-time staff under a new Operation & Maintenance Agreement.”
The move is an example of a company originating from outside of Bitcoin mining entering the industry in the midst of an opportunity. With the price of Bitcoin ASIC so far down, and many mining companies readjusting their strategies, well-capitalized businesses can see a major return on investment given the right decisions. Important to produce this is cheap energy, which is the benefit of this project.
“All mining sites that are developed should generate net cash flow directly to the company during a period when the bitcoin mining sector is down along with the overall capital market,” 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, “We are eager to install 300 new bitcoin mining machines in the next few months at the Toro location.” Acknowledging the tremendous opportunity at hand, he continued, “When the price of Bitcoin starts its upward trajectory, we will be in a very good position.”
The original company Generation Hemp Inc. will become a subsidiary of Evergreen, and will retain its original operations and staff.