Restrictions on Bitcoin (BTC) cryptocurrency miners in Africa from doing any renewable mining* have been noticed by the Chief Executive Officer (CEO) of Block Inc, Jack Dorsey when he contributed a certain amount of funds to mining activities in the country.
*Miners process from renewable resources
He along with venture capital investor, Stillmark also invested $2 million by leading the seed investment** in Gridless so that miners can take advantage of small-scale renewable energy grids in rural Africa.
**Money raised to start developing an idea for a new business or product
To support mining operations to become stronger and decentralized, Block is recruiting experienced crypto mining engineers and managers to build mining units and further develop the project.
The string, Gridless has appointed five pilots in an African hydroelectric energy company, HydroBox which has the potential to expand the project to rural Africa in the near future.
However, it should also be noted that the country's ever-high electricity prices have caused BTC to drop 66% over the past year as mining profits depend on energy costs.
In context, BTC mining is one of the activities that uses electricity through a computer to guarantee the security of the digital asset's blockchain during the verification of transaction data.
While the study also reported that the annual energy consumption for BTC mining is the same as that of Belgium, exceeding the total of the entire country.
