Cannabis boosts cryptocurrency mining
Medical cannabis firm Evolution Bnk is aiming to build solar-powered greenhouses to house both marijuana growing and cryptocurrency mining operations. The initial plan is to convert 5,000 square meters of existing greenhousing in Sanremo in northwestern Italy, replacing glass with solar panels and installing computer arrays to generate energy to mine cryptocurrencies – the electronics will provide heat for the cannabis to grow during the winter.
The expansion is being part-funded by Canadian cannabis investor LGC Capital, which has acquired a €3m, 49% stake in the innovation company.
“The Evolution Bnk deal will see LGC enter the European legalised cannabis market and Bitcoin sector in a very significant way, and potentially provide us with strong cash flow and growth opportunities going forward,” says Mazen Haddad, LGC's co-chairman. “LGC has chosen to invest in Evolution Bnk due to its integrated approach combining energy efficiency and heat transfer technology which should significantly lower costs for both operations. A patent is in the process of being filed for this application.”
Bulgaria-based Evolution Bnk plans to complete the first phase of construction within four to five months and estimates that the conversion should produce 7,500 kg of cannabis production per year. The firm has also contracted four additional locations in Italy.
Image: Evolution Bnk