Gridless Raises $2 Million in Seed Investment, Hopes to Expand in East Africa

Gridless, a bitcoin mining company that operates in East Africa, has secured $2 million in a seed investment round, the company announced on Tuesday.The investment will support the company, who has secured project contracts with African hydroelectric energy company HydroBox in the past year, in their expansion to other regions in East Africa.Many bitcoin miners have been struggling this year, due to falling bitcoin prices and surging energy costs, leading to reduced profits.The companies that have been able to thrive in the depressed market are the ones who have found access to low-cost energy and developed more innovative business models.Author: Katie Lin