Gridless Secures $2 Million in Funding to Expand Bitcoin Mining in Africa

Date:

Kenya-based Gridless, a bitcoin mining company, has secured $2 million in seed funding to expand its bitcoin mines across Africa. The company, founded earlier this year by veterans of the connectivity, infrastructure and software space in East Africa, designs, builds, and operates bitcoin mining sites alongside small-scale renewable energy producers in rural Africa where excess energy is not utilized. The founders of Gridless recognized that many rural communities in Africa have access to renewable energy but lack the infrastructure to utilize it effectively. The company acts as an anchor tenant, financing the construction and managing the operation of data centers in these communities, where traditional industrial or commercial customers are not available.

The startup’s aim is to serve the needs of energy producers in Africa as they seek to electrify the continent and create more affordable power for people in rural communities. It uses bitcoin mining as a tool to accelerate growth in the sector and to further geographically distribute and secure the bitcoin network. In its first year, Gridless has contracted five project pilots in rural Kenya with HydroBox, an African hydroelectric energy company, three of which are currently operational. The company plans to expand to other geographies in East Africa in the near future.

The expansion will be funded by a $2 million seed round of funding, led by Stillmark and Block, Inc. In addition to pre-seed round led by Factor[e], which is also participating in this round. The CEO of Gridless, Erik Hersman, said that Africa needs affordable electricity and their work in supporting renewable energy mini-grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households.

This funding will allow Gridless to continue to bring its socially and environmentally conscious approach to bitcoin mining, providing tangible benefits to communities in rural parts of East Africa. The leadership team of Gridless is comprised of veteran entrepreneurs in the technology space with substantial roots in the region, who are well-respected among their colleagues and peers. Investors see Gridless as an opportunity to advance the bitcoin ecosystem in ways that offer sustainable value and solutions to many.

Gerald
Geraldhttps://news.safaritravelplus.com
As a writer, I have a passion for exploring a variety of topics. When I'm not putting pen to paper, I enjoy traveling and spending time with my family. As a husband and father, I understand the importance of balance and finding time for the things I love. Whether I'm delving into new subjects or spending quality time with my loved ones.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Salesforce CRM Review

Salesforce is a leading customer relationship management (CRM) solution that aggregates customer, lead, and service management capabilities into...

Salesforce CEO Accepts Responsibility for Hiring Too Many People During Pandemic

Salesforce, a cloud-based customer relationship management (CRM) software company, recently announced a major cost-cutting initiative that will involve...

Binance CEO CZ Zhao on the Long-term Impact of Traditional Financial Players’ Reluctance to Adopt Crypto

Binance CEO Changpeng "CZ" Zhao believes that traditional financial players' reluctance to adopt cryptocurrencies in the short term...

Real Madrid vs Real Sociedad Prediction

We say: Real Madrid 2-1 Real Sociedad Real Madrid has a strong overall record and is currently in the...