Gridless, a Kenyan Bitcoin mining business and a Jack Dorsey-Backed East African Bitcoin Miner, recently announced that it has secured a $2 million initial financing round, with leading participation from VC investor Stillmark and digital payments provider Block, Inc.
The official news release states that Gridless uses renewable energy infrastructure on a modest scale in remote African villages. Together with HydroBox, an African hydropower firm, the firm has piloted five separate projects under contract in rural Kenya.
It has also provided funding for the creation and management of data centers in remote areas without easy accessibility to either industrial or commercial clients.
CEO of Gridless, Erik Hersman, commented on the new development, saying: “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.”
Block’s lead for bitcoin mining and wallet, Thomas Templeton, emphasized that Gridless is strategically aligned with the company’s goal of ensuring the network increasingly employs clean energy “in combination with bitcoin computational centers around the world.”
Crypto Miners Switching To Renewable Sources
Although some mines throughout the world are still using fossil fuels to operate their rigs, an increasing number of companies are looking to more environmentally friendly alternatives.
The topic of Bitcoin mining discussions has moved to include “green” or “clean” infrastructure.
According to a report by the Bitcoin Mining Council, the Bitcoin mining business as a whole has raised its use of sustainable energy by 52.2% as of the first quarter of 2022, making it among the most sustainable industries in the world.
It was reported in November that publicly traded company Marathon Digital was looking to raise $500 million to expand its mining operations.