On Dec. 9, Gridless Compute tweeted pictures and commentary of how hydro-powered BTC mining rigs could power an entire rural settlement with cut power rates for 2,000 people, which is the equivalent of 500 households. According to the tweet, costs are dropping from $10 per month to $4.
All this while securing the underlying blockchain network for BTC.
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, the funds from this round will be used to further expand BTC mines across African markets while targeting rural communities for accessible energy.
Eric Hersmann, CEO of Gridless, said that while BTC mining is spread across North America, Europe and Asia, Africa has great opportunities for mining diversification. He emphasized that renewable energy is abundant on the continent:
“This offers excellent profit potential for both power generators and miners as well as the potential to make a real positive impact on the communities in which they are used.”
Miles Souter, an active figure in the BTC community and leader at CashApp, visited a site in rural Kenya. Sutter highlighted the renewable energy aspect of the project, as BTC mining has previously come under significant scrutiny due to its harsh environmental impact.
This comes as the BTC hashrate has plummeted over the past month, allowing miners to claw back losses after reports of lower mining revenues in the two years.
Related: The Middle East and North Africa are the fastest growing crypto markets: Data
Crypto activity on the African continent has been gaining momentum over the past year as practical use cases for cryptocurrencies and their technology continue to emerge.
This is so much the case that the International Monetary Fund recently called for tighter crypto regulation in Africa.
In addition, new partnerships have made cross-border payments possible between citizens in the United States, sending money to Nigeria, Ghana and Kenya via the BTC Lightning Network.