News

Jack Dorsey-Backed East African Bitcoin Miner Gridless Raises $2M

single-image

Dorsey’s Block and bitcoin venture-capital firm Stillmark co-led a seed funding round.

Gridless, a bitcoin mining company that helps generate new sources of energy in rural communities in East Africa, said Tuesday that it secured $2 million in a seed investment round led by bitcoin venture-capital firm Stillmark and payments company Block, a firm that is led by Twitter co-founder Jack Dorsey.

Stay in the know on crypto by frequently visiting Crypto News Today

The investment will support the company’s expansion of bitcoin mines across African markets. In its first year, Gridless started five projects in rural Kenya with African hydroelectric energy company HydroBox, three of which are operational. The company plans to expand to other East African regions in the near future.

Gridless designs, builds and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is unused. Gridless serves as the anchor tenant, financing the construction and managing the operation of data centers in rural communities where traditional industrial or commercial customers are unavailable.

Gridless brings “a socially and environmentally conscious approach to bitcoin mining, one that provides tangible benefits by way of access to electricity for communities in rural parts of East Africa,” Alyse Killeen, managing partner at Stillmark, said in an announcment.

Thomas Templeton, bitcoin mining and wallet lead at Block, added: “Gridless represents a close strategic alignment with our vision of ensuring the bitcoin network increasingly leverages clean energy, in combination with bitcoin computational centers around the world.”

The funding comes as Africa experiences a grassroots crypto movement. It has the world’s highest proportion of retail payments of less than $1,000 and more peer-to-peer transactions proportionally than any other region. Bitcoin miners, however, have been struggling to survive amid this year’s grueling market conditions, which have seen bitcoin (BTC) prices fall and energy costs surge, reducing profit margins.

In recent months, though, mining companies that have access to low-cost energy and more innovative business models have succeeded in raising capital..

In August, a new solar-powered bitcoin miner, Aspen Creek Digital Corp., raised $8 million in a Series A funding round, and Vespene Energy, a company that converts methane gas released from landfills into power for bitcoin mining, closed a $4.3 million funding round.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at COINDESK


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like