In a bold move to diversify its operations, Generation Hemp, the leading mid-stream hemp processing firm in the US, has announced plans to venture into sustainable energy and Bitcoin mining, according to the January 12th press release.
In line with this shift in focus, the company will rebrand itself as Evergreen Sustainable Enterprises (EGSE). However, the press release also emphasized that the company’s existing operations will continue as normal, with all full-time personnel remaining in place.
The company has revealed that it has been actively researching and participating in sustainable bitcoin mining activities for the past year. With the management team’s extensive experience in the energy sector, the company recognized that it had the necessary skills to mine Bitcoin using sustainable energy methods successfully.
As part of its sustainable energy initiatives, as per the release, EGSE’s subsidiary, Cryptorica LLC, has successfully closed a deal to acquire 80% of Toro Energía Sociedad Anonima, a Costa Rican corporation that owns a hydroelectric dam.
This dam, capable of producing one megawatt of power, will be utilized to power Bitcoin mining machines at a low cost. The remaining 20% of Toro will be retained by the Kopper family, who have owned and operated the dam for over 30 years.
Bitcoin Upward Trajectory Is What The Company Waiting For
Gary C. Evans, CEO of Evergreen Sustainable Enterprises, said that the company’s recent changes would benefit shareholders in the long run. The mining sites currently under development, located in Arkansas, Kentucky, and Costa Rica, will generate immediate cash flow for the company, even in a down market.
Evans asserts that these sites have low energy costs and a focus on green resources and have attracted interest from potential partners. The company’s financial projections show it can be profitable at lower Bitcoin prices than the current $18,000. They are also using newer, more efficient equipment at a cheaper cost than six months ago.
Additionally, Mr. Eduardo Kopper commented on the new 80% owner of Toro Energia:
We are already discussing additional new venture opportunities. We both have the same philosophy of maintaining very low costs in order to maximize profitability. When the price of Bitcoin starts its upward trajectory, we will be extremely well positioned.