Gridless, a bitcoin mining firm working from Kenya, just lately raised $2 million in seed funding from Block, a digital funds firm owned by Twitter founder Jack Dorsey, and Stillmark. The bitcoin mining agency is reportedly planning to make use of the capital raised to fund its enlargement into different African nations.
Using Revenue Generated From BTC Sales to Subsidize the Cost of Power
A Jack Dorsey-owned digital funds agency, Block, and Stillmark, a bitcoin-focused enterprise agency, are reported to have led a $2 million seed funding in African crypto mining firm Gridless. According to a report, Gridless, which at present operates in Kenya’s rural areas, plans to fund its enlargement into different African nations with the capital raised.
As reported by Bitcoin.com News in October, Gridless harnesses extra electrical energy generated by mini-hydropower crops to mine bitcoin. The bitcoin is then offered and the revenues generated are used to subsidize the price of electrical energy to customers in Kenya’s rural areas. At the time, Gridless mentioned it was harnessing electrical energy from energy crops that generated lower than 100 kilowatts (KW).
Meanwhile, a report by CNBC states that the crypto mining firm’s founders, Erik Hersman, Philip Walton, and Janet Maingi, have spent the previous few months launching pilot mining tasks. In January 2023, Gridless plans to launch a 50KW hydro-mine in Malawi and a 30KW solar-powered web site in West Africa.
Power and Connectivity
Commenting on Gridless’ reported twin mission of bringing energy and connectivity to Africa’s rural areas, Walton, who can also be the mining firm’s chief monetary officer, mentioned:
“We had spent years building internet connectivity infrastructure in rural and urban Africa and realized that you cannot have a 21st-century economy without both power and connectivity together. As we looked at the next problem to solve, we realized that bitcoin mining solved a major problem for renewable mini-grid energy developers, in that we could be their industrial off-taker for stranded power, no matter where they were located, thereby making them more sustainable and increasing electrification across Africa.”
To display the effectiveness of Gridless’ enterprise mannequin, the CNBC report revealed that at one of many pilot websites, a mini hydropower plant had successfully diminished the worth of electrical energy from 35 cents to 25 cents per kilowatt hour.
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