Connect with us


Could hemp solve bitcoin’s energy consumption problem?

A new collaboration will establish green energy plants to create clean, independent power for bitcoin mining facilities.



Could hemp solve bitcoin’s energy consumption problem?
Home » News » International » Could hemp solve bitcoin’s energy consumption problem?

A new collaboration between a crypto firm and the largest US hemp supplier is seeking to create sustainable mining facilities that will double up as hemp drying facilities.

With the increasing adoption of Bitcoin into the mainstream economy – mining has been growing exponentially. Whilst the exact energy usage of Bitcoin mining is difficult to know, it can be fairly estimated, and it is generally understood that the activity uses a fair amount of energy. Its carbon footprint, however, is not as easy to guess at.

Currently, mining machines use a mix of high- and low-carbon sources. Many enthusiasts of the disruptive Bitcoin are touting the potential of its mining to accelerate the clean energy transition.

In April 2021, The Bitcoin Clean Energy Initiative published a white paper sharing its vision on how mining is “especially well suited to accelerate the energy transition” by pushing further adoption of renewable energy sources.

The hemp industry has been rising in parallel with cryptocurrencies and blockchain. The material is being hailed as clean alternative for a number of different products and industries – from using hemp as a biofuel, to replacing harmful plastics, fabrics and building materials, to being extremely efficient at carbon sequestration. 

Innovation begets innovation, and in a move that has been described by US policymakers as “the most innovative idea we have ever heard”, Generation Hemp is teaming up with Crypt Solutions to build green energy plants and Bitcoin mining complexes. The facilities will utilise hemp feedstock as a fuel source to power mining equipment.

Read more: Italy plans hemp production increases – could the UK be next?

Speaking to Cananbis Wealth, Generation Hemp chairman and CEO, Gary C. Evans, commented: “During a recent conversation with certain political insiders who learned of our new expanded business plan of utilising hemp to fuel a biomass operation that would generate green energy for the electrical needs of bitcoin, they commented, “this may be the most innovative idea we have ever heard!”

“It’s progress fuelling progress.

“The hemp space has been an exciting new arena that we are helping to develop. With so many applications for hemp, you really have to focus on where you can make the biggest impact with your skills and experience. 

“Having been involved in the fossil fuels energy business for over 35 years and previously having owned and operated several biomass plants located in the southeast US, this opportunity was a natural fit. 

“The bitcoin and cryptocurrency space began developing along a similar timeline as hemp, and is equally exciting. Yet it has one major thorn in its side – a voracious appetite for electricity consumption. Utilising renewable energy sources like hemp to offset the consumption of energy sourced from fossil fuels is almost an imperative for something that is as progressive as Bitcoin. 

“When we saw this opportunity to join these two forces, the synergy was immediately apparent.”

A sustainable energy source for bitcoin mining

The two parties have already begun assemble the necessary pieces of a “Green Energy” plant to create an independent power source for mining where hemp will be used for Btu generation.

Utilising hemp feedstock for fuel as a renewable energy source the pair have stated that all steps will be taken to register the current facility in development for Renewable Energy Credits (RECs). 

Contributing renewable energy to the overall electrical grid will help electric power suppliers stay in compliance with state initiatives that require a certain percentage of their electricity to come from renewable energy. This will help foster and develop the infrastructure and implementation of renewable energy. 

Read more: Could hemp be the answer to UK energy crisis?

Chief Operating Officer of Crypt Solutions, Patty Stefanelli, commented: “As an early mover in the cryptocurrency space, we have witnessed and have been a vital part of the innovation and evolution of the mining sector happening at a remarkable pace. 

“Our vantage point has also made us very aware of what barriers may be ahead and how to ensure agility where necessary. The energy demands for mining will only increase, and we fully recognise the need for sustainable solutions in order for the adoption of Bitcoin to continue to grow. 

“We are eager to be part of finding solutions, and we believe building a “Green Energy” power plant, fuelled by an environmentally sustainable material like hemp, is the perfect opportunity.”

They also highlight that RECs have the potential to become a valuable asset of the project, as RECs can be sold in the marketplace to companies in need of credits for their respective businesses.

Founder and CEO of Crypt Solutions, Joseph Stefanelli, stated: “When you look at a revolutionary technology like Bitcoin, that challenges the fundamental institutions that have built society as we know it, relying on similar institutions like conventional utilities is a contradiction to the decentralised and permissionless nature of Bitcoin and all that makes it revolutionary. 

“We believe that building independent, environmentally sustainable and dedicated power plants will become an essential part of the Bitcoin ecosystem. 

“Through our relationship with Generation Hemp, we have found a “Green Energy” source that will facilitate the independence we need in cryptocurrency, mitigating a reliance on the grid and energy sources that are not environmentally sustainable.”

Doubling up as a hemp drying facility

The mutually beneficial partnership will see Generation Hemp, a Dallas/Fort Worth-based hemp company incorporating its second hemp drying and processing facility to utilise the heat output from the mining activity.

Evans, stated: “We continue to see an incredible reception of hemp across many different industries. 

Read more: Could hemp be the answer to water pollution?

“As businesses recognise the ability of hemp to replace current materials in a sustainable way and farmers begin to see industries’ adoption of hemp to create a reliable market of products to support dedicated hemp acreage, past methods that deplete resources to sustain become just that – a thing of the past. 

“Take that a step further with a look at cryptocurrency. This is an industry that will soon touch every other industry and already is hungrily devouring energy sources just to function. Collaborating to power mining using environmentally sustainable hemp with an organisation that we have an established relationship with and is a long-standing, integral player in cryptocurrency, makes perfect sense to all involved. 

“It’s elegant, responsible, and efficient.”


Luxembourg delegates visit medical cannabis facility in Portugal

The delegation visited Tilray’s EU-GMP facility in Cantanhede.



Luxembourg delegates visit medical cannabis facility in Portugal
Tilray Medical Hosts Luxembourg Delegation at Tilray's EU-GMP-certified medical cannabis facility in Portugal.
Home » News » International » Could hemp solve bitcoin’s energy consumption problem?

Tilray Medical recently welcomed the Government of Luxembourg delegation on its visit to the company’s European Campus in Portugal.

In October 2021, global cannabis company Tilray was named as the supplier of cannabis products for Luxembourg’s medical cannabis programme by the country’s Ministry of Health.

For the programme, Tilray is supplying a variety of its pharmaceutical-grade medical cannabis products, including extracts and dried flower with different levels of THC and CBD for patients with a range of medical conditions.

The recent visit to Tilray’s EU-GMP medical cannabis cultivation and manufacturing facility was organized to give the Luxembourg Delegation a firsthand view of Tilray’s operations in Portugal.

Read more: Tilray launches first medical cannabis oil in Malta market

Tilray’s managing director in Europe, Sascha Mielcarek, commented: “We are honoured to host the Luxembourg Ministry of Health Delegation at our state-of-the-art cannabis facility in Cantanhede, Portugal. 

“Demand for cannabis legalisation in Europe is growing rapidly and we are incredibly proud to service the patients in Luxembourg and around the world with the high-quality medical cannabis products they rely on and in the formats they prefer.”

The delegation included: Paulette Lenert, Deputy Prime Minister and Minister of Health of Luxembourg; H. E. Conrad Bruch, Ambassador of Luxembourg to Portugal; Alain Origer, National Drugs Coordinator; Laura Valli, International Affairs Coordinator; Bob Lessel, Social Health Department; and, Sven Back, Department of narcotics and medicinal cannabis.

At the time of the announcement that Tilray would act as supplier for Luxembourg’s medical cannabis programme, chairman and chief executive officer, at Tilray, Irwin Simon said the company believes its growth potential in the European Union represents a $1bn opportunity, noting that: “We’re proud to be building this unrivaled global platform and will continue to advocate for patient access in Europe and countries around the world.”

Tilray was the first to successfully export medical cannabis from North America and import medical cannabis products into the EU in 2016, and its branded medical cannabis products are now available in 20 Countries around the world as the firm continues to expand its footprint in Europe.

Continue Reading


Thailand becomes first country in Asia to decriminalise cannabis

Under the new law change, people incarcerated on cannabis-related charges will be released from prison.



Thailand becomes first country in Asia to decriminalise cannabis
Home » News » International » Could hemp solve bitcoin’s energy consumption problem?

Thailand has now decriminalised the cultivation and trade of cannabis, however, recreational use will remain illegal. 

The production, trading, import and export of cannabis and hemp products for medicinal use is now legal in Thailand. 

Previously, cannabis is was a category five narcotic, however, cannabis and hemp products have been allowed in the cosmetic and food industries since 2020, and the country was the first in Asia to legalise medical cannabis in 2018. It has also been legal in the country for registered companies to sell cannabis products if they contain less than 0.2 per cent of THC.

The move is a bid to increase economic productivity in the country, with the government valuing the industry in excess of USD£2bn (~£1.60bn) according to Thai Health Minister Anutin Charnvirakul. 

Read more: Thailand to propose removing cannabis from controlled substances list

Small operators will not need to register with the Food and Drug Administration (FDA), however, large cannabis-related businesses need FDA approval to produce and market products.

The move follows the decision from the Thai Government in May to hand out one million free cannabis plants to its citizens. Citizens will now be permitted to cultivate cannabis in their own homes as long as it is medical grade and used for medical purposes only.

The country’s Office of the Judiciary has also confirmed that any ongoing criminal cases related to cannabis will be suspended, and those serving prison sentences related to cannabis charges will also be released on a case-by-case basis.

In an interview with CNN, the Minister highlighted that Thai citizens are keen to become investors and producers in the medical cannabis industry.

However, the smoking or use of cannabis in “non-productive ways” will still be prohibited, Charnvirakul has stated. 

Under Thailand’s Public Health Act, those that use cannabis for recreational purposes will still be subject to penalties such as an $800 fine for public consumption and three months in prison.

Speaking to CNN, Charnvirakul commented: “There has never once been a moment that we would think about advocating people to use cannabis in terms of recreation — or use it in a way that it could irritate others.”

Charnvirakul highlighted that the country would have no problem with tourists who wanted to visit Thailand for medical cannabis treatment, but that the country would not be open for recreational cannabis tourism.

Continue Reading


Tetra Bio-Pharma expands into Australia with new research subsidiary

The Canadian company is establishing research company Tetra Bio-Pharma Australia Pty Ltd.



Tetra Bio-Pharma expands into Australia with new research subsidiary
Home » News » International » Could hemp solve bitcoin’s energy consumption problem?

Tetra Bio-Pharma has announced the launch of its new wholly owned subsidiary Tetra Bio-Pharma Australia Pty Ltd, an Australian-based research company focused on the execution of clinical trials in Australia.

The new subsidiary follows the recent announcement of Tetra‘s partnership with Cannvalate Pty Ltd for the performance of clinical trials of Tetra’s drug candidates in Australia. Accordingly, TBP-AU will benefit from a 43.5 per cent tax credit on all money spent on clinical trials in Australia.

The development represents Tetra’s second foreign subsidiary and is in line with the company’s global expansion strategy for QIXLEE – a botanical inhaled investigational new drug with a fixed ratio of THC and CBD that meets USA cGMP regulatory requirements – and other future drug candidates.

Read more: Tetra Bio-Pharma receives European orphan drug designation for novel CBD cream

Tetra Bio-Pharma CEO, Dr Guy Chamberland, commented: “We look forward to working with our strategic partners and building value for our current and future investors.

“These are very exciting times for us as we continue to drive scientific excellence and deliver on the promise of cannabinoid-derived transformative medicines to improve patient health and quality of life.”

The company has also announced it has completed the Annual Licence Review process for its Health Canada Drug Establishment Licence (DEL), meeting the regulatory requirements of C.01A.009 of the Food and Drug Regulations to maintain its DEL for the distribution of pharmaceuticals, like REDUVO, in Canada.

Tetra Bio-Pharma has also stated that it submitted its first New Drug Submission (NDS) for REDUVO – a soft gel capsule used to treat chemotherapy-induced nausea and vomiting (CINV) and weight loss and severe nausea in people living with HIV infection – to Health Canada to obtain a Drug Identification Number (DIN) for the prescription drug. The company is now in discussions with Health Canada to address final commentary on the submission.

Continue Reading
Sign up for the Cannabis Wealth newsletter

Recent Posts