Gridless, a Kenyan-based bitcoin mining firm, is getting more funding for beginning renewable energy projects within East Africa. Block and Stillmark are among their current funders.
Gridless, a Ghanaian-based bitcoin mining company with ties to East Africa, is looking for more sustainable energy decisions. On the same note, the company secured a $2 million investment from Jack Dorsey’s Block Inc. and Stillmark. The seed round came after Gridess hosted a pre-seed round, with Factor[e] at its frontlines.
The decision is to assist African residents with more available electricity options while remaining in green energy. In this case, it will be killing two birds with one stone: maintaining sustainable energy options and providing residents with cheap power for daily use.
Gridless revamping sustainable BTC mining in Africa
The investment will open doors to harnessing hydroelectric energy and using the surplus after the community benefits. That way, there will be a perfect balance between what bitcoin mining consumes and what is available for the community.
According to Erik Hersman, Gridless CEO, going into renewable energy led by different developers’ groups is the start of mini-grids. Furthermore, he expects this step to increase the number of developers dealing with bitcoin mining within Africa.
Renewable energy will be the key to creating more opportunities for both miners and the greater African community.
Tapping into wind, geothermal, solar, and hydroelectric energy is the beginning of forming African mining clusters. So far, there are over 6500 megawatts and 11387 megawatts of wind and solar energy, respectively. With Gridless’ mission in East Africa, Kenya has more to offer with the hugest geothermal energy production in Africa.
Related; Bitcoin Mining Firms Approach KenGen for Clean Mining Energy
Expanding mining beyond great mining hubs
The current concentration of bitcoin mining firms with the most profits is in Europe, Asia, and North America. This state is a disadvantage for small mining clusters among the greater population. Furthermore, its mission is also at a disadvantage as the monopolized energy sector in Africa can produce greater energy percentages than bitcoin mining.
However, the plan to create more mini-grid energy generators will expand this scope while giving more advantages to the people. Also, getting better mining equipment will be the next step to improving mining conditions in the continent.
In this case, it will reduce the current centralization of the mining industry, a threat to what blockchain stands for. It also gives smaller miners more profitability in the plunging crypto markets. It’s also a way to improve Bitcoin network security with more validators scattered across the continent. Thus, an assured provision of internet and reliable electricity is also assured.
