Earlier this week, the project also shared results of a successful $2 million funding round led by VC Stillmark and Blocks, the parent company of CashApp and Square.
According to Gridless, the funds from this round will be used to further the expansion of BTC mines across African markets while targeting rural communities for accessible energy. Erik Hersman, the CEO of Gridless, said that while BTC mining has been widespread throughout North America, Europe and Asia, Africa has great opportunities to diversify mining. He highlighted that renewable energy is abundant on the continent.
"This presents excellent potential for profits for both energy generators and miners as well as the ability to deliver real positive impact on the communities where it is put to use." Miles Suter, an active personality in the BTC community and lead at CashApp, visited one of sites in rural Kenya. Suter highlighted the renewable energy aspect of the project, as BTC mining has previously come underNext week an additional 10x hash comes online - allowing power providers to make the upfront investment in hydro for remote regions, by monetizing the stranded energy that previously made these deployments uneconomical.
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On Dec. 9, Gridless Compute tweeted photos and commentary on how their hydro-power BTC mining rigs are powering an entire rural settlement while also lowering energy rates for 2,000 people. According to the tweet, costs decrease from $10 per month to $4.
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