The cost of electricity for the people of Kenya may decrease due to mining

  • 20:13 Dec 12, 2022
The cost of electricity for the people of Kenya may decrease due to mining

After the launch by Gridless Compute of a BTC mining farm in a village in Kenya, the cost of electricity for the population will go down. It is the result of the use of the excess capacity of the hydroelectric power plant.

According to a Gridless Compute spokesman, the cost of electricity for 2,000 villagers dropped from $10 to $4 at the start of the project.

A recent funding round allowed the company to raise $2 million, which they plan to use to develop the cryptocurrency mining industry in Africa. Eric Hersman, CEO of Gridness, noted that mining is quite popular in America, Asia, and Europe, but there is no such thing in Africa, despite the continent's potential:

The opportunities available not only allow us to make money ourselves but also to help the local population. The availability of affordable energy is important, which is why our company supports the generation of electricity from renewable sources, on which power plants are created.

Eric Hersman noted that it takes a long time for the facility to break even. The fact is that electricity needs to be sold and to do this, residents must have electrical appliances. Therefore, it is necessary to wait until the population acquires the necessary equipment.

As a result, for a long time, the power plant will not bring income, and here comes the help of mining, which will give the necessary load.


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