Bitcoin Mining Projects Empower Communities with Lower Energy Costs
Gridless Compute, a hydro-powered Bitcoin mining projects, reports that its mining project has not only powered a rural community but also reduced its existing energy rates.
In a significant development, this initiative showcases how Bitcoin’s underlying blockchain network can promote charitable acts and support communities.
Twitter Founder and Bitcoin advocate, Jack Dorsey, tweeted his celebration of this initiative, sharing the photos.
Gridless Compute’s tweeted photos illustrate how their hydro-powered Bitcoin mining rigs are supporting an entire rural village, benefiting over 2,000 individuals or 500 families, with reduced energy costs from $10 to $4 per month.
The project secured $2 million in funding, led by VC Stillmark and Blocks, the parent company of CashApp and Square. This funding aims to expand Bitcoin mining across Africa, leveraging renewable energy sources and benefiting more rural communities.
Erik Hersman, CEO, highlighted Africa’s potential for Bitcoin mining, emphasizing the abundance of renewable energy sources on the continent. He underlined the positive impact of this initiative on local communities.
Miles Suter, a prominent figure in the BTC community and a lead at CashApp, visited one of the sites in rural Kenya, sharing his experience on Twitter. He praised the project’s renewable energy aspect, countering the scrutiny on Bitcoin’s environmental impact.
Suter highlighted the forthcoming expansion, stating, “next week, additional 10x hash comes online – allowing power providers to make the upfront investment in hydro for remote regions, by monetizing the stranded energy that previously made these deployments uneconomical… A game-changing model for Bitcoin and the world.”
This initiative demonstrates the expanding cryptocurrency and mining adoption worldwide. Africa’s involvement continues to grow, presenting practical use cases like this hydro-mining project.
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