Generation Hemp Inc., the largest mid-stream hemp processing entity in the US, has rebranded itself as Evergreen Sustainable Enterprises, Inc., citing a new directional focus on sustainable energy projects, with its first project to involves a bitcoin mining operation in Costa Rica.
according to a Press releaseThrough its subsidiary, Cryptorica, LLC, the company purchased 80% of Toro Energía Sociedad Anónima (“Toro”), a Costa Rican corporation that owns a hydroelectric dam in the country that will be used to power new bitcoin mining machines. . Hydropower is a clean, 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 José between two volcanic craters,” the statement states. “The site generates all of its power from green resources with a proven 98% runtime over the years, and is staffed full-time under a new Operation and Maintenance Agreement.”
The move is an example of companies originally unrelated to Bitcoin mining entering the industry in the midst of a moment of opportunity. With the price of Bitcoin ASICs so low and many mining companies readjusting their strategy, well-capitalized companies could see a large return on investment if they make the right decisions. Essential to these returns is low-cost energy, which this project takes advantage of.
“All of our mining sites under development should generate immediate net cash flow for the company during a period when the bitcoin mining industry is down along with the broader capital markets,” said Gary C. Evans, president and chief executive officer. Evergreen Sustainable Enterprises executive. “Current mine site locations under development exceed six and include Arkansas, Kentucky and Costa Rica.”
Eduardo Kopper, commenting on this new deal, stated that “we are looking forward to installing 300 new bitcoin mining machines over the next few months at the Toro location.” Recognizing the incredible opportunity at hand, he continued: “When the Bitcoin price begins its upward trajectory, we will be extremely well positioned.”
The original firm Generation Hemp Inc. will become a subsidiary of Evergreen and will retain its original operations and staff.
