• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Monday, February 6, 2023
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

How Jack Dorsey’s Block Inc is Democratizing access to bitcoin mining in Africa

Kenyan WallStreetbyKenyan WallStreet
January 5, 2023
in African News, Digital Assets, Editorial, Global News
Reading Time: 3 mins read
Thomas Templeton - Block Inc Lead for Bitcoin Mining and self custody wallet

Thomas Templeton - Block Inc Lead for Bitcoin Mining and self custody wallet


For the last three years, Africa has been one of the fastest-growing markets for cryptocurrency adoption in the world. The continent accounts for world’s highest proportion (80%) of crypto retail payments of less than $1,000, according to a recent report by blockchain data firm Chainalysis.

At the same time, Africa has some of the highest grassroots adoption in the world, with Kenya, Nigeria, South Africa and Tanzania all ranking in the top 20 of Global Crypto Adoption Index.

The main reason for such high adoption is that banking facilities in Africa are available to a limited number of people. Those deprived of using the banking system threfore seek bitcoin wallets and other platforms as a source of storing money. 

Fj8qeFoXkAEPAzj
ADVERTISEMENT

Block Inc, a payments company cofounded by Jack Dorsey (co-founder and former CEO of Twitter) where he serves as CEO and Chairman is keen to partner with companies in the continent that are keen to help secure the Bitcoin Network while at the same time driving adoption.

For instance, Block Inc has directly or through its subsidiaries invested in companies such as Yellow Card Financial and Gridless, companies helping drive Bitcoin adoption in Africa. Most recently, Block led a $2 million seed investment round in Gridless, an East African based bitcoin mining company helping to bring new energy generation to rural communities in Africa.

“At Block, we believe that Bitcoin is a major tool for empowerment. And when you look at mining, especially decentralized mining. It’s critical for resiliency of Bitcoin.” says Thomas Templeton, who is responsible for Bitcoin Mining business and self custody wallet at Block Inc.

According to Thomas, Bitcoin mining is getting more and more concentrated and 50% of the global hash rate is controlled by 0.1% of the firms.

“We took the initiative to make money more decentralized. And so we’re starting to build tools to make money more accessible, easier to use, more reliable while lowering the costs and we can’t do that alone. And so when we came across Gridless, we got very excited because they are doing exactly what we want to do and it’s mining to more parts of the world” Thomas said in an interview with Kenyan Wallstreet.

“Africa is prime example of where Bitcoin mining can really thrive. Especially with all of the renewable resources and renewable energy, whether it is hydro, wind or solar. There’s lots of opportunity here to have renewable enabling mining.” said Thomas.

Asked on whether Block intends to make additional investments in Africa, Thomas says 

“Yes, we’re always looking for opportunities to partner. We know we can’t do it alone and we’re not going to build everything to that.” 

Thomas adds that Block is keen to partner with companies that decentralize mining whether that’s physical mining other tools be it in hardware, or software. On the software side, Block is keen to partner with companies providing on ramps and off ramps solutions to buy, and sell Bitcoin.

ALSO READ; 

Gridless Aims to Help Africa’s Energy Producers Utilize Excess Energy for Bitcoin Mining, Boosting Economic Growth and Sustainability 

Firm Behind Sarafu Network Moves to Celo Blockchain


Previous Post

Rubis Energy Loses KES 8.7 Billion Deal Due to Kenya Power System Hitch

Next Post

Breaking the IPO Drought: Can Privatizations Revive the Nairobi Securities Exchange?

Related Posts

Nigeria

Nigeria Bonds Decline Ahead of S&P Credit Rating Review

February 6, 2023
Celo Kenya Ecosystem lead Daniel Kimotho addressing attendees at the 2023 Celo Web3 Block Party

Celo’s Quiet Efforts to Boost Web3 Adoption in Africa

February 6, 2023

Kenyan Govt Drops charges of financial impropriety against Flutterwave

February 5, 2023

Egypt’s Cental Bank Keeps Interest Rate Unchanged Despite Rising Inflation

February 3, 2023

Zimbabwe Cuts Interest Rate to 150% as Inflation Falls

February 3, 2023

Unlock Global Investment Opportunities at Amalga’s 1st Africa Investors summit – Nairobi

February 3, 2023

IMF Urges China to Relax Policies as Further as Economy Shows Signs of Recovery

February 3, 2023

Australia Reveals Plans to Remove the British Monarch Image from its Banknotes

February 2, 2023
Load More
Next Post
NSE

Breaking the IPO Drought: Can Privatizations Revive the Nairobi Securities Exchange?

Follow Us

  • 163.2k Followers
  • 3.6k Subscribers
  • 1.2k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

There are no upcoming events.

View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In