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Is Malawi gaining from Bitcoin mining?

Malawi

TL;DR Breakdown

  • Malawi is gaining from Bitcoin mining
  • Malawi is enjoying the benefits of the project
  • Gridless plans more projects in 2023

Malawi is now one of the few African countries where Bitcoin mining has become a full-fledged hype. The recent Bitcoin mining project, which taps unused hydro energy, is now picking up. According to the company in charge of the project, more than 1,500 families are using the mini-grid in the South of Malawi. The project is deploying more than 50 kilowatts of energy to test the new area as a good site for mining.

Malawi is enjoying the benefits of the project

In the statement released by the company’s CEO, the country is now feeling a positive impact of the project even though it is still in its early phase. He mentioned that the powerhouse project already took flight years ago, but the project could not be completed at the period. This was because it could not reach a larger part of the population, so funding was needed to purchase meters for connection.

However, this new project has overseen that area by providing funds to reach more people. Bitcoin miners thrive in a flexible environment but usually need a high degree of energy to pull off their business. Therefore, they typically locate their mining operations near areas with excessive power. Malawi provides this environment for them, allowing them to use the clean energy source available.

Gridless plans more projects in 2023

This is the second official project Gridless will embark on in Africa. The company flagged off a project in Kenya last year, allowing minor to use clean energy near hydropower in 2022. Asides from the economic impact of locating the mining rigs in Malawi, there are also other benefits that the country is enjoying, such as job opportunities and the like. The executive also said there had been no power issues since the project started, as Malawi is commonly known for load shedding during electricity crises.

The executive also pointed out that asides from the usefulness of the grids, it is also paving the way for efficient services in other aspects of the country. Another executive shared the same vision while stating that there are plans to continue this project across Africa. This trend started last year with El Salvador and has continued to grow in 2023. The companies in charge of the project team up with the companies providing power to subsidize the cost, and in turn, they can keep the whole country afloat by ensuring more job opportunities.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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