November 8, 2024

Rise To Thrive

Investing guide, latest news & videos!

Bitcoin mining revenue jumps up 50% to $23M in one month

1 min read
Bitcoin mining revenue jumps up 50% to M in one month

As Bitcoin (

One of the biggest criticism of Bitcoin remains the high energy requirement for running the proof-of-work consensus mechanism. In October 2022, Cointelegraph reported that Bitcoin witnessed a 41% increase in energy consumption year-on-year (YoY).

However, a drive for sourcing greener energy to power Bitcoin mining facilities aims to solve the predicament. Most recently, a mining company tapped into a source of stranded energy in Malawi, a landlocked country in southeastern Africa.

As Cointelegraph reported, the project — undertaken by Gridless — uses 50 kilowatts (kW) of stranded energy to test out as a new Bitcoin mining site.

Speaking about the overall impact of the initiative, Erik Hersman, CEO and co-founder of Gridless stated, “The power developer had built these powerhouses a few years ago, but they weren’t able to expand to more families because they’re barely profitable and couldn’t afford to buy more meters to connect more families. So, our deal allowed for them to immediately buy 200 more meters to connect more families.”

In addition, the environmental footprint of the Bitcoin mining facility is low as it runs purely off a river-based hydro powe.