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According to a Tuesday announcement from Gridless, a bitcoin mining startup that aids in the creation of alternative energy sources in remote East African communities, a $2 million initial funding round headed by Stillmark and the Jack Dorsey-founded payments company Block has been obtained. https://twitter.com/GridlessCompute/status/1600034574641336320
Gridless Funding to Spread Bitcoin Mining Operations
The funding would help Gridless spread its bitcoin mining operations throughout African markets. Three of the five project trials that African hydroelectric energy firms HydroBox and Gridless have agreed to implement in rural Kenya within the first year of their partnership are already in operation. Soon, the business hopes to spread to other parts of East Africa. In rural Africa, where there is a surplus of energy, Gridless designs, constructs, and manages bitcoin mining facilities alongside small-scale renewable energy providers. In these remote areas without access to typical industrial or commercial clients, Gridless acts as the anchor tenant, funding the building and overseeing the management of data centers.
Social and Ecological Sustainable Approach
According to Alyse Killeen, Managing Partner of Stillmark, a venture financing firm, Gridless offers a socially and ecologically sustainable approach to bitcoin mining, one that gives actual advantages by way of access to energy for populations in rural portions of East Africa. Block's Thomas Templeton, the lead for bitcoin mining and wallets, said that Gridless offers a tight strategy implementation with the ambition to ensure that the bitcoin network progressively uses renewable energy in conjunction with bitcoin compute centers across the world.
Grassroots Cryptocurrency Revolution
The financing comes when Africa is experiencing a grassroots cryptocurrency revolution driving the world's largest percentage of retail purchases under $1,000 and much more peer-to-peer transactions than any other area. In the harsh market circumstances of this year, when bitcoin prices have fallen and energy costs have risen, cutting profit margins, bitcoin miners have been battling to survive. However, mining firms with access to inexpensive electricity and more creative business concepts have been successful in raising financing recently.