Kenyan Company Mining Bitcoin Using Wasted Energy — Business Model Could Help Decentralize Mining – Mining Bitcoin News

Gridless, a bitcoin mining company in Kenya, recently revealed how it could reduce electricity costs for local communities by using surplus electricity to mine bitcoin. The gridless model is welcomed as it could help decentralize bitcoin mining and move hashpower to Africa.

Mining bitcoins with wasted energy

Gridless, a Kenya-based cryptocurrency mining company, says surplus electricity from its mini-grid hydroelectric generators is now being used to mine bitcoins. Proceeds from bitcoin mining help reduce or subsidize electricity bills.

In a recently released statement, Gridless said that while small hydro plants producing less than 100 KW (kilowatts) have been used so far, the company’s goal is to partner with larger plants capable of producing 500 KW. said it was. Bitcoin mining company says:

We have been working with a mini-grid hydroelectric generator in Kenya on how the surplus capacity can be used for bitcoin mining. This will also significantly reduce the cost of electricity for the community.small

According to one Twitter user known as Nick H, in the Kenyan village where the power plant is located, the community is only using the equivalent of 10% of the generator’s capacity. This means that the power plants being built to meet each village’s future power needs are wasting much of the energy that is being produced today.

Nick H. posit By “connecting a few bitcoin miners to harvest surplus electricity,” Kenyan villages can reduce electricity prices by up to 90%.

Bitcoin mining decentralization

On the other hand, it is said that not only will it help lower the cost of electricity for each community in Kenya, but Kenya and the entire African continent could become a significant Bitcoin mining hub once the gridless model is widely adopted. I’m here.

“[This business model] It serves as a welcome decentralization of the overly centralized megasite bitcoin mining that is taking place today. We will spread it further,” Gridless founder Erik Hersman said in a blog post.

On Twitter, many users praised Gridless’s “absolutely unbelievable” business model, and some, like Anita from Guatemala, asked how this could come to fruition in their country. In response, Gridless advised anyone interested in replicating this in their respective countries to “find a partner who likes to build small-scale hydropower, work with them on a model, and power producers. I advised it to be a win/win/win for /community/ miners.”

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