Cryptocurrency has been the talk of the town for the past few years, and with its rising popularity, it has caught the attention of many tech industry leaders.
Jack Dorsey, the founder, and CEO of Twitter has also been keeping up with the trends in the cryptocurrency industry, and his company, Block, has recently invested in a Bitcoin (BTC) mining company called Gridless.
The aim of the investment is to help bring electrical infrastructure to remote and rural areas of Africa, where villagers can harness unused excess energy to mine Bitcoin (BTC).
The Seed Investment
On Monday, Gridless announced that it had raised $2 million in seed investment from Stillmark and Block, along with other angel investors. Stillmark, a Bitcoin venture investment firm, is one of the principal backers of the project, which is currently focused on East Africa.
The Inspiration Behind Gridless
Gridless was inspired by a tweet from Jack Dorsey in 2021, where he proposed creating a “universal, environmentally friendly system for mining open-source cryptocurrencies.” The aim of Gridless is to help villagers in rural areas to mine Bitcoin (BTC) using excess electrical energy that would otherwise go to waste.
The firm was inspired by a tweet from Jack Dorsey, posted in 2021, in which he proposed creating a “universal, environmentally friendly system for mining open-source cryptocurrencies.”
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack (@jack) October 15, 2021
The Concept of Gridless
Gridless designs build and operate bitcoin mining facilities together with small-scale renewable energy producers in rural Africa, where excess energy is not used. This excess energy is invested in the data centers and other infrastructure needed to mine Bitcoin (BTC), with the goal of lowering electricity consumption costs for local villagers.
Aligning with Block’s Strategic Vision
Block is focused on ensuring that the Bitcoin network leverages clean energy, in combination with Bitcoin computing centers around the world.
This work can help create positive externalities in communities while helping to secure the distributed infrastructure behind the Bitcoin (BTC) monetary ecosystem. Gridless aligns with Block’s strategic vision and has the potential to create positive change in rural areas of Africa.
Expanding Electrical Infrastructure
Gridless aims to expand the electrical infrastructure in localities by allowing miners to buy and use power at those locations. The data centers are dynamic energy consumers and can quickly reduce their capacity to adjust to the needs of the community. Depending on the type and availability of power, new and efficient mining machines can be used, or old and less efficient ones.
Novel Use Cases for Cryptomining
Gridless has the potential to be useful for development projects focused on integrating bitcoin mining into various novel use cases, such as heating solutions, off-grid mining, home mining, or intermittent power applications, as well as optimizing BTC mining hardware for traditional commercial mining operations.
Block’s Other Ventures in Cryptocurrency
Block, Inc. has been contributing to the cryptocurrency industry in various ways. Last year, the company contributed $5 million to a partnership with Elon Musk’s Tesla and infrastructure company Blockstream to test an all-solar bitcoin mining facility in Texas, USA. The firm has also begun designing its own cryptocurrency semiconductor chips, commonly known as ASICs.
Conclusion
Jack Dorsey’s investment in Gridless shows that he is committed to creating a positive impact in the cryptocurrency industry, as well as the world as a whole. The concept of Gridless is innovative and environmentally friendly, making it a game-changer in the industry.
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