Africa-based hydropower cryptocurrency mining project has released an update on its efforts to bring energy development to rural communities via Bitcoin (Bitcoin).
On Dec. 9, Gridless Compute tweeted a photo and comment that its hydro-powered BTC mining rig powers an entire rural settlement while lowering energy bills for 2,000 people, the equivalent of 500 families. According to the tweet, the cost will drop from $10 to $4 per month.
All this while protecting BTC’s underlying blockchain network.
— Jack (@jack) December 9, 2022
Earlier this week, the project also shared the results of a successful $2 million funding round led by VC Stillmark and Blocks, the parent companies of CashApp and Square.
According to Gridless, the funds from this round will be used to boost the expansion of BTC mining across African markets while targeting rural communities for accessible energy.
Gridless CEO Erik Hersman said that while BTC mining is widespread across North America, Europe and Asia, Africa presents a great opportunity to diversify mining. He emphasized that the continent is rich in renewable energy.
“This has the potential to bring significant benefits to both generators and miners, but also demonstrates its ability to have a real positive impact on the communities where it is used.”
Miles Suter, an active personality in the BTC community and leader of CashApp, visited one of the sites in rural Kenya. Suter emphasized the renewable energy aspect of the project as BTC mining was previously under Major scrutiny for its harsh environment impact.
An additional 10x hash will come online next week, allowing power providers to upfront hydropower in remote areas by monetizing the stranded energy that previously made these deployments uneconomical.
— Miles Suter (@milessuter) December 9, 2022
This is because BTC’s hash rate has dropped over the past month, allowing miners to recoup their losses after mining. Minimum Earnings Report in two years.
Cryptocurrency activity on the African continent has gained momentum over the last year as practical use cases for cryptocurrencies and their technologies continue to emerge.
This is a very important case recently called for by the International Monetary Fund. Tighter crypto regulation in africa.
In addition, new partnerships Cross-border payments possible Send funds to Nigeria, Ghana and Kenya through the BTC Lightning Network among US citizens.