Jack Dorsey’s Block and venture capitalist Stillmark co-led a $2 million seed investment round for Kenyan Bitcoin mining company Gridless.
According to the press release, the investment will support Gridless’s further expansion of bitcoin mines across African markets.
In rural areas of Africa where excess energy is not being used, Gridless develops, constructs, and manages bitcoin mining facilities in collaboration with small-scale renewable energy providers.
In its first year, Gridless signed with HydroBox, an African hydroelectric energy firm, for five project pilots, three of which are now in operation, in rural Kenya. The business intends to grow soon by entering other regions of East Africa.
Thomas Templeton, Lead for bitcoin mining and wallet at Block, says Gridless is aligned with Block’s goal of ensuring that the bitcoin network uses sustainable energy, along with bitcoin compute centers throughout the globe.
“Gridless believes bitcoin mining can play a pivotal role as a buyer of first and last resort in creating more sustainable energy production and increasing electrification for local communities in the region,” the press release notes.
Community electrification and community-uplifting businesses like containerized cold storage for nearby farmers, battery charging stations for electric motorbikes, and public WiFi points are given priority when using the electricity produced by these mining sites.
The bitcoin computational mining data center is powered by the residual electricity capacity after those demands have been covered.
Depending on the nature and availability of the electricity, data centres may use more modern, more efficient bitcoin mining equipment or less modern, less efficient equipment to adapt to the needs of the community.
Erik Hersman, CEO of Gridless, stated “Africa needs affordable electricity. Our work in supporting renewable energy mini-grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”
Compiled by Coinbold
