Cypher
(BTC) Bitcoin News TodayAfricaBlockchainCryptocurrencyCryptocurrency MiningCryptocurrency RegulationNewsStablecoin

A BTC Mining Project Provides Power For A Rural Community In Kenya

A hydro-powered cryptocurrency mining company working in Africa has achieved a significant feat for a rural community in Kenya. The company has alleviated the power issue troubling the people.

The crypto mining firm Gridless Compute announced the news on Twitter on December 9th. In addition, Gridless Compute posted pictures of how its hydro-powered Bitcoin mining rigs produce electricity for a rural settlement in Kenya.

In addition, the BTC miner tweeted that it has lowered the electricity rate for the 2000 people living in the area. Electricity costs per month have dropped from $10 to $4.

At the beginning of this week, Gridless Compute raised $2 million through a fundraising round headed by VC Blocks and Stillmark, the parent firm of Square and CashApp, respectively.

Cypher

Gridless said it would use the funds to expand its Bitcoin mines to more African markets. The firm also said it would target more rural communities to provide them affordable power.

Erik Hersman, Gridless CEO, said renewable power is abundant in Africa. Hence, this is an excellent opportunity for miners to diversify their operations.

Furthermore, Miles Suter, an executive at CashApp and a famous face in the Bitcoin community paid a visit to one of the mining sites. Suter noted that BTC mining had suffered heavy criticism in recent times.

📰 Also read:  FidelityCorp Review – Is Fidelity Corp Scam or Legit? (Complete FidelityCorp.co review)

This is due to its harsh impact on the environment. The current news comes when Bitcoin’s hash rate is falling.

In 2021, the price of BTC was high enough that several Bitcoin miners made huge profits. However, this year’s situation is different, as several miners have shut down their facilities.

Increased Crypto Activity In Africa

Meanwhile, cryptocurrency activity in Africa has been growing despite the regulatory uncertainty in several countries. This is due to increased actual use cases.

Most individuals in Africa use crypto as a means to send and receive money from overseas. Also, due to some countries’ financial crises and poor economies, the citizens have converted their funds to stablecoin to battle inflation.

According to a study by Chainalysis, a blockchain analytical platform, North Africa and the Middle East are among the fastest-growing cryptocurrency markets. However, the International Monetary Fund (IMF) recently asked African countries to enforce tighter regulations for the crypto sector.

📰 Also read:  IcomTech Former Promoters Convicted for Wire Fraud

Furthermore, there have been several partnerships between foreign firms and African-based companies. Some of such alliances aim to facilitate cross-border payments.

A recent example is Stripe’s latest partnership to allow individuals in the US to send funds to Kenya, Nigeria, and Ghana through Bitcoin’s Lightning Network.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  FidelityCorp Review – Is Fidelity Corp Scam or Legit? (Complete FidelityCorp.co review)

Cypher

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content