In 2023, 675 million people lacked electricity, according to the Alliance for Rural Electrification. Bitcoin mining offers a way to meet these energy needs.
While distributed renewable energy sources like small-scale solar and wind are cost-effective, they often struggle with economic viability and rely on charity. Bitcoin’s energy consumption, often criticized, can create a steady demand for surplus electricity, enhancing the profitability of these projects.
Bitcoin mining not only generates new currency but also verifies transactions. Despite its significant energy demands, around 160 terawatt-hours annually, it can help address supply-demand challenges faced by small renewable power plants.
Gridless: Putting Ideas Into Action
Gridless is actualizing this vision by establishing and managing five small bitcoin mining facilities in rural regions, powered by small-scale renewable energy sources. Located in four African countries, these mining sites generate revenue shared between Gridless and the energy provider, creating a sustainable ecosystem for both bitcoin mining and energy generation.
Utilizing Gridless OS, the company monitors local electricity supply and demand in real time. It assesses available excess electricity, allowing mining operations to adjust accordingly. This prioritizes local energy needs, with bitcoin mining utilizing only the surplus electricity that would otherwise be wasted.
Economic Empowerment
Gridless sees bitcoin mining as a means to empower rural economies through renewable energy. By generating additional revenue for power providers, they can reduce electricity costs for local communities, making investments in new renewable projects more appealing.
Gridless is also a founding member of the Green Africa Mining Alliance, established in 2022 to foster knowledge sharing and support new bitcoin miners across the continent.
Leadership and Backing
Led by CEO Erik Hersman, a prominent figure in the African tech landscape, Gridless is backed by a $2 million seed investment from Stillmark, a venture capital firm focused on bitcoin initiatives, along with support from Jack Dorsey’s payment company, Block. Hersman is also the founder of Ushahidi, a platform used for crisis response, and BRCK, which focuses on delivering reliable internet connectivity to remote regions in Africa. “Bitcoin mining supports rural electrification” was originally created and published by Verdict, a GlobalData-owned brand.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
