Jack Dorsey’s Block invests in renewable bitcoin miner gridless in Africa

Tue Dec 6 2022 - 08:28

Jack Dorsey’s Block is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Digital payments firm Block and venture capital investor Stillmark have led a $2 million seed investment in Gridless, a miner that harnesses small-scale renewable energy grids in rural Africa, Block said in a Dec. 6 statement.

Bitcoin mining is an energy-intensive process in which electricity-guzzling computers secure the digital-asset’s blockchain by validating transaction data and unlocking tokens as a reward in return. Some studies estimate that the annual energy consumption involved exceeds the amount entire countries like Belgium use.

The investment is Block’s latest effort to push for sustainable and decentralized mining operations. It has recruited veteran crypto-mining engineers and managers to build out its mining unit and develop projects that can encourage individuals to mine Bitcoin. Most of the computing power for Bitcoin mining is currently from industrial-scale centers.

Oh dear.

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