Bitcoin Mining Project in Kenya Helps Power Rural Community
Gridless Compute is an African hydro-powered crypto mining project. They tweeted on Dec. 9 photos and commentary on how their hydro-power BTC mining rigs are being effective. It has powered an entire rural settlement, and at the same time it has decreased energy rates for 2,000 people, which is the equivalent to 500 families. The cost decreased for more than 50% from $10 to $4 per month.
The project has also shared incredible results, lead by VC Stillmark and Blocks, the parent company of CashaApp and Square, stating a successful $2 million funding. Funding will be used to expand BTC mines across African markets, in order to provide accessible energy for rural communities.
The CEO of Gridless, Erik Hersman, said that while BTC mining has been growing throughout North America, Europe and Asia, Africa has great opportunities to diversify mining, specially as renewable energy is abundant on the continent.
Miles Suter, an active personality in the BTC community and lead at CashApp, went to visit the project in Kenya. He called attention to the renewable energy aspect of the project as BTC mining is biased for the harsh environmental impact it may have.
This comes as BTC's hash rate has declined over the past month, which allowed miners to regain losses after mining's lowest revenue reports in two years.
Technology and crypto continue to emerge on the African continent, and it has been gaining momentum over the last year. More investors are looking for new opportunities on the continent. The International Monetary Fund recently called for more crypto regulations in Africa due to its rapid growth.
Moreover, new partnerships have made cross-border payments possible between citizens in the United States, sending funds to Nigeria, Ghana and Kenya via the BTC network.
Article Credit: CoinTelegraph
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