Bitcoin mining company recently operating in Kenya Gridless, has raised $2 million in seed funding from Block and Stillmark, digital payments companies owned by Twitter founder Jack Dorsey. The Bitcoin mining company reportedly plans to use the raised funds to finance its expansion to other African countries.
BTC Using proceeds from sales to subsidize electricity costs The Bitcoin Stillmark-focused venture has reportedly led a $2 million seed investment in African crypto mining firm Gridless. Gridless, which currently operates in rural Kenya, will reportedly use the proceeds to fund expansion to other African countries.
As reported by Bitcoin.com News in October, Gridless mines Bitcoin using surplus electricity generated by small hydroelectric power plants. Bitcoin will then be sold and the proceeds will be used to subsidize electricity bills for users in rural Kenya. At the time, Gridless said he was drawing power from power plants with a capacity of less than 100 kilowatts (KW).
Meanwhile, according to a report by CNBC, crypto mining firm founders Eric Huisman, Philip Walton, and Janet Mainge have spent the past few months launching pilot mining projects. spent on In January 2023, Gridless will launch a 50KW hydropower mine in Malawi and a 30KW solar site in West Africa.
Power and Connectivity
Commenting on Gridless’s reported dual mission of bringing power and connectivity to rural Africa, the mining company’s chief financial officer also As one Walton said:
“We have spent years building internet connectivity infrastructure in rural and urban Africa, but we realize that without both power and connectivity, the economy of the 21st century cannot exist. When I looked to the next problem to solve, I realized that bitcoin mining has solved a major problem for renewable mini-grid energy developers: a more sustainable, African Electrification is on the rise across the country.”
To demonstrate the effectiveness of the gridless business model, a CNBC report found that one of the pilot sites had a small-scale hydroelectric power station with a capacity of 1 kWh. It has effectively reduced electricity prices from 35 cents to 25 cents per year.
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