Gridless Secures $2 Million in Investment Led by Stillmark and Block

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• Gridless announced that the company has secured $2 million in a seed investment led by Stillmark and Block.
• The fund raised would be used to establish Bitcoin mining across the rural areas of Africa.
• The company focuses on rural areas in which excess energy is unused to build Bitcoin mining sites.

Reportedly, the Kenyan-based Bitcoin mining company, Gridless, announced that the company has secured $2 million in a seed investment round led by the digital payment company Block and the Bitcoin venture capital company Stillmark.

It is to be noted that out of the five project contract started by Gridless in rural Kenya alongside African hydroelectric energy company HydroBox, three are operational.

The Gridless CEO Erik Hersman asserted that the fund will be used to further establish Bitcoin mining across the African markets. He further added:

Africa needs affordable electricity. Our work in supporting renewable energy mini-grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelera ...

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