An Africa-based hydropower-powered cryptocurrency mining project has released an update on its efforts to bring energy development to rural communities through Bitcoin (BTC).
On December 9, Gridless Compute tweeted photos and comments about how its hydropowered BTC mining rigs are powering an entire rural settlement, while lowering energy rates for 2,000 people, the equivalent of 500 families. According to the tweet, costs drop from $10 a month to $4.
All this while securing the underlying BTC blockchain network.
Powering a rural Kenya village and securing the #Bitcoin network with excess hydropower, all while lowering rates to 2000 people (500 families, ~$10/month to $4). @GridlessCompute pic.twitter.com/9GUlAU6265
—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 company of CashApp and Square.
According to Gridless, Funds from this round will be used to fuel the expansion of BTC mines across African markets, while targeting rural communities in search of affordable energy.
Erik Hersman, CEO of Gridless, said that while BTC mining has spread across 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 profit potential for both power generators and miners, as well as the ability to make a real positive impact in the communities where it is used.”
Miles Suter, a personality active in the BTC community and leader of CashApp, visited one of the sites in rural Kenya. Suter highlighted the renewable energy aspect of the project, as BTC mining has previously come under great scrutiny for its harsh environmental impact.
Next 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.
A game-changing model for #Bitcoin and the world. pic.twitter.com/B5a5iuxKlE
— Miles Suter (@milessuter) December 9, 2022
Next week, an additional 10x hash will come online, allowing power providers to make the initial investment in hydropower for remote regions, by monetizing stranded power that previously made these deployments unprofitable.
A revolutionary model for Bitcoin and the world.
This comes as the BTC hash rate has declined over the past month, allowing miners to recoup losses following the lowest mining revenue reports in the past two years.
Crypto activity on the African continent has been gaining momentum over the past year as use cases for cryptocurrencies and their technology continue to emerge.
So much so that the International Monetary Fund has recently called for stricter regulation of cryptocurrencies in Africa.
Also, New partnerships have made cross-border payments possible between US citizens, sending funds to Nigeria, Ghana and Kenya via the BTC Lightning Network.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.