Gridless Secures $2 Million Seed Investment to Expand Bitcoin Mining in Africa

Gridless, an East African-based bitcoin mining company, has announced a $2 million seed investment round led by Stillmark and Block, Inc. founded by Jack Dorsey. The company aims to expand its operations in Africa, utilizing excess energy from small-scale renewable energy producers in rural communities.

Erik Hersman, Co-founder and CEO of Gridless, sees an opportunity for energy producers in Africa to utilize excess energy for bitcoin mining. He notes that traditional grids are often not well-connected, leading to a two-part problem: providing power to communities and finding financing for mini-grids.

Gridless plans to use the investment to expand its operations in East Africa, West Africa, and Southern Africa, targeting stranded energy from renewable sources like hydro, solar, and wind. The company believes bitcoin mining can play a pivotal role in creating more sustainable energy production and increasing electrification for local communities.