Gridless Secures $2 Million to Expand Bitcoin Mining in Africa

Gridless Secures Seed Investment

Gridless has successfully secured $2 million in seed funding, marking a significant step forward in its mission to expand Bitcoin mining in Africa. This investment round was led by Block and Stillmark, two key players in the digital finance and cryptocurrency space.

Focus on Rural Energy Utilization

The primary objective of Gridless is to harness the potential of unused energy resources in rural Africa to power Bitcoin mining operations. By focusing on areas with excess energy, the company aims to create sustainable and economically viable mining sites.

Operational Projects in Kenya

Gridless has already initiated five projects in collaboration with HydroBox, an African hydroelectric energy company, within rural Kenya. Out of these, three projects are currently operational, showcasing the company's commitment to integrating renewable energy with Bitcoin mining.

Expansion Across African Markets

According to Gridless CEO Erik Hersman, the newly acquired funds will be pivotal in expanding their operations across African markets. The initiative aims to support renewable energy mini-grid developers, facilitating faster expansion and sustainability. This approach not only aids in the growth of the mining sector but also benefits thousands of households by providing affordable electricity.

Renewable Energy and Economic Growth

The collaboration between Gridless and its high-caliber partners underscores a shared vision of promoting renewable energy and economic development in Africa. By leveraging this investment, Gridless plans to accelerate its projects, ultimately contributing to the continent's energy and technological advancement.