Jack Dorsey’s Block Expands Funding for Kenyan BTC Mining Company Gridless

The global network of crypto miners experienced a major slump in their operations and revenue after the crypto market plummeted in recent months. In a recent development, Jack Dorsey has provided additional funding to help Gridless, an East African bitcoin mining company, expand its green operations. Block co-led the US$2 million (around Rs.16 billion) funding round with venture capital investor Stillmark. Because crypto mining is largely a power-intensive process, it is often criticized for not being clean and environmentally friendly.

Operating in small power grids in the rural parts of AfricaGridless relies on renewable energies.

“Gridless represents a close strategic fit with our vision to ensure the bitcoin network, combined with bitcoin data centers around the world, increasingly leverages clean energy. This work can help secure the distributed infrastructure behind it Bitcoins monetary ecosystem,” Thomas Templeton, Head of BTC Mining and Wallet block.

Despite the market fluctuations, the international BTC mining Industry increased use of sustainable energy by 52.2 percent in the first quarter of this year, a report determined by the Bitcoin Mining Council.

According to Bloomberg reportBitcoin miners lost over $1 billion (around Rs. 8,200 crore) during the recent crypto crash.

Among other things, they plague crypto mining In the sector, energy costs have recently increased in several parts of the world, severely limiting operations.

Profit margins for crypto miners also shrank after majority cryptocurrencies plummeted in prices.

Amid the bear market sentiment, many industry players have been trying to gain an edge by investing in crypto mining.

Crypto asset management firm in July greyscale said it hopes to expand infrastructure for crypto firms.

US’ State of Kentucky also investigates two contracts that propose to provide electricity for BTC miners at discounted rates to see if subsidizing crypto mining operations would drive up electricity costs for state residents and cause them financial inconveniences.