- Gridless announced that the company has secured $2 million in a seed investment led by Stillmark and Block.
- The fund raised would be used to establish Bitcoin mining across the rural areas of Africa.
- The company focuses on rural areas in which excess energy is unused to build Bitcoin mining sites.
Reportedly, the Kenyan-based Bitcoin mining company, Gridless, announced that the company has secured $2 million in a seed investment round led by the digital payment company Block and the Bitcoin venture capital company Stillmark.
It is to be noted that out of the five project contract started by Gridless in rural Kenya alongside African hydroelectric energy company HydroBox, three are operational.
The Gridless CEO Erik Hersman asserted that the fund will be used to further establish Bitcoin mining across the African markets. He further added:
Africa needs affordable electricity. Our work in supporting renewable energy mini-grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.
Notably, the announcement stated that the company sought to bring “a socially and environmentally conscious approach to Bitcoin mining, one that provides tangible benefits by way of access to electricity for communities in rural parts of East Africa.”
Significantly, the plans of Gridless include building and operating Bitcoin mining sites with small-scale renewable energy producers in rural Africa where an excess of energy lies unused. In addition, Gridless is the “anchor tenant” that maintains the finance and manages the operation centers in rural areas which lack traditional, industrial, or commercial customers.
As both Stillmark and Block are designated to invest in the companies that partake in the advancement of the Bitcoin ecosystem, especially in the rural areas, the companies joined hand in hand to support the efforts of the “veteran entrepreneurs [of Gridless] in the technology space with substantial roots in the region.”
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