Bitcoin (BTC) mining company Gridless has raised $2 million in an investment round led by Jack Dorsey’s company, Block.
The downward trend of the cryptocurrency market has also seriously affected Bitcoin mining. The fact that mining costs could not be met by excavation revenues became a major problem. Many institutional crypto mining companies have filed for bankruptcy and have been wiped out from the market. Chapter 11 bankruptcy issued by Compute North revealed problems on the mining side. But despite all this negative weather, many crypto miners continue to take steps towards the future. One of these companies, Gridless, focused on renewable energy sources in its East Africa vision. The biggest support for Gridless came from Block company.
Bitcoin Miner Raised $2M In A Block-Managed Round
Bitcoin mining company Gridless, which helps create new energy sources in the East African rural lands, is making strong strides. The company attracted attention with the resources it created in the African region. Led by Stillmark and Jack Dorsey’s Block company, the round raised $2 million in funding for Gridless.
The investment will support the company to expand and strengthen its Bitcoin mines in the African region. In its first year, Gridless started working with hydroelectric power company HydroBox in rural Kenya. As a result of this agreement, five project pilots, three of which are active, became the subject of the contract.
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