The mining company focuses on rural communities in East Africa and intends to increase electricity and energy access for the region.Author:BtcCaseyPublish date:Dec 6, 2022The mining company focuses on rural communities in East Africa and intends to increase electricity and energy access for the region.Gridless, a bitcoin mining company that is focused on rural communities in East Africa, has raised $2 million in a seed investment round led by Stillmark and Block, Inc., according to a press release sent to Bitcoin Magazine. This investment comes in addition to an angel round that was led by Factor[e]. The investment will be used to expand the number of African bitcoin mines. Gridless CEO Erik Hersman stated that Africa needs affordable electricity. Our support for renewable energy mini grid developers fills this gap. It allows developers to expand faster, be more sustainably, and serves thousands of households. We can accelerate our rollout because we have both the strategic and capital support we need. This investment is combined with the high-quality partners who are joining us. Gridless, an African hydroelectric power company, has joined five pilot projects in rural Kenya with HydroBox in its first year of operation. Three of these pilots have now been operational. Gridless finances and manages the operation of these data centers in rural communities. The company is now looking to expand into other parts of East Africa. Alyse Killeen (Managing Partner at Stillmark) stated that they made the decision to partner with Block in this round of funding. “Stillmark is committed to investing in companies that help to advance Bitcoin ecosystem in ways that provide sustainable value and solutions for many. Gridless brings a socially and ecologically conscious approach to bitcoin mining. It provides tangible benefits for communities in rural East Africa by providing electricity access. “Thomas Templeton is the lead for bitcoin mining at Block and also the wallet manager. He said that Gridless was in close strategic alignment to our vision of ensuring that the bitcoin network leverages clean energy in combination with the global bitcoin computational centers. According to the press release more than half of Africans will be without electricity by 2020. Gridless states that bitcoin mining is playing a key role in transforming Africa’s access and reliability to electricity. Gridless’ goal to increase access to electricity is supported by the release. It explains that “the electricity generated from these sites” is prioritized for community electrification. This includes containerized cold storage for local farmers, public WiFi points, and battery charging stations for electric bikes. The remaining electricity capacity is used for the bitcoin computational mining datacenter after these needs have been met. Tagsterms:fundraisingStillmarkAfricaMiningBlock Inc

 

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