Jack Dorsey: Twitter’s Ex-Boss Backs KSh 245 Million Investment in Kenya-Based Mining Firm Gridless

Former Twitter Chief Executive Officer Jack Dorsey has raised $2 million (KSh 245 million) in seed investment into Gridless Inc.

The funds were raised through Dorsey’s Block, Inc. in collaboration with bitcoin-focused venture firm Stillmark to support the Kenya-based firm that focuses on bitcoin mining.

Affordable energy in Kenya

Griddles operate bitcoin mining sites alongside small-scale renewable sites for the distribution of affordable energy to rule communities in Kenya and Africa.

Dorsey, currently in Kenya, is one of the top supporters of Bitcoin and champions the adoption of the flagship cryptocurrency in Africa and globally.

Kenya leads among the top countries in Africa with a large population using cryptocurrency.

Bitcoin mining in Kenya

United Nations Conference on Trade and Development (UNCTAD) report showed over 4 million Kenyans already owned crypto assets.

The report ranked the country fifth among the top 20 economies in the cryptocurrency market share, followed by the United States.

Kenya is among 15 developing economies that took the lead in the cryptocurrency alluring market out of the 20 economies.

According to CNBC, Bitcoin mining use high-powered computers that collectively validate transactions and simultaneously create new tokens.

Bitcoin miners look for a lot of electricity from the lowest-cost sources.

The high energy factor informed the decision by Janet Maingi, Erik Hersman and Philip Walton to co-found Gridless in Kenya.

The firm aimed at making renewables in Africa economically viable, especially for Bitcoin miners and the additional sources to be used to power communities previously out of reach.

Gridless CEO Erik Hersman said the trio spent years building internet connectivity in Africa, which led them to the realisation that power connections are essential.

“We realised that bitcoin mining solved a major problem for renewable mini-grid energy developers, in that we could be their industrial off-taker for stranded power, no matter where they were located, thereby making them more sustainable and increasing electrification across Africa,” said Hersman.

He said they will use the seed fund from Dorsey and co. to expand Gridless mining sites across Kenya and the entire Africa.

Source: TUKO.co.ke