In addition to an angel round headed by Factor[e], Gridless, a bitcoin mining business that supports the development of new energy sources in rural areas of East Africa, recently confirmed that it has obtained a $2 million seed funding round from Stillmark and Block, Inc. The money will help the company spread its bitcoin mining operations throughout African markets.
Gridless exists to meet the demands of African energy producers as they work to electrify the continent and provide more reasonably priced power to people living in rural areas.
The Gridless team, founded in 2022 by seasoned professionals in the East African connectivity, infrastructure, and software industries, uses bitcoin mining as a tool to speed up industry growth as well as to further geographically distribute and secure the bitcoin network.
Africa requires access to affordable electricity, according to Erik Hersman, CEO of Gridless. By aiding renewable energy mini-grid producers, Gridless fills a gap and enables them to serve thousands of homes while also expanding more quickly and sustainably.
Due to this investment and the elite partners joining Gridless, the company can speed up its rollout because it has the necessary financial and strategic backing.
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.
The data centers are located in remote areas without access to traditional industrial or commercial customers, and Gridless acts as the anchor tenant, funding their development and overseeing their management.
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 further regions of East Africa.
According to Alyse Killeen, Managing Partner at Stillmark, the firm is focused on investing in businesses that are advancing the Bitcoin ecosystem in ways that provide numerous people with lasting value and solutions.
“Gridless achieves this by providing a socially and environmentally responsible method to bitcoin mining, one that offers concrete advantages by giving communities in rural areas of East Africa access to energy.
The Gridless leadership team is made up of seasoned technology entrepreneurs with deep ties to the area. They are well-liked by their coworkers and peers, and we are pleased to have the chance to support them even further.
“Block is devoted to boosting the world’s renewable hashrate. According to Thomas Templeton, Lead for bitcoin mining and wallet at Block, “Gridless represents a close strategic alignment with our vision of ensuring that the bitcoin network progressively enables clean energy, in conjunction with bitcoin computational centers around the world.
“This work can encourage positive community externalities while also ensuring the safety of the distributed infrastructure behind bitcoin’s monetary ecosystem.”
The absence of energy is one of Africa’s main problems. The increased use of fossil fuel generators is a result of the shortage of steady and dependable energy.
Although there is a huge need for dependable, economical, and clean energy, mini-grid energy generators struggle to be sustainable.
According to Gridless, the region’s local communities can become more electrified and more renewable energy may be produced by using bitcoin mining as a buyer of last resort.
Community electrification and community-uplifting businesses like containerized cold storage for nearby farmers, battery charging stations for electric motorbikes, and public Wi-Fi points are given priority when using the electricity produced by these sites.
The bitcoin computational mining data center is powered by the residual electricity capacity after those demands have been satisfied.
Based on the type and accessibility of the electricity, data centers may use more modern, more effective bitcoin mining equipment or a less modern, less effective tool to meet the requirements of the community.
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