Connect with us

Published

4 weeks ago

on

Jack Dorsey backed start-up taps into geothermal, hydro and solar power to run bitcoin mines across Africa

HELL’S GATE, Kenya — Two-and-a-half hours northwest of Nairobi by car, a small group of bitcoin miners set up shop at the site of an extinct volcano near Hell’s Gate National Park.

The mine, tucked away on the edge of Lake Naivasha, is operated by a startup called Gridless and consists of a single 500-kilowatt mobile container that, from the outside, looks like a small residential trailer.

Backed by Jack Dorsey’s Block, Gridless electrifies its machines with a mix of solar power and the stranded, wasted energy from a nearby geothermal site. It’s one of six mines run by the company in Kenya, Malawi and Zambia, powered by a mix of renewable inputs and working toward a broader mission of securing and decentralizing the bitcoin network.

Gridless runs Gridlesin Hell’s Gate operates on geothermal power.

MacKenzie Sigalos

“Most people think about bitcoin and the price of bitcoin and how they can save value in it or maybe spend it,” Gridless CEO Erik Hersman told CNBC during a visit to the Kenyan mine earlier this year. “That doesn’t happen without the bitcoin miners and us being globally distributed.”

Decentralization is a key feature of bitcoin, because it means the network isn’t controlled by any entity and can’t be shut down — even if a government disapproves.

Bitcoin and some other cryptocurrencies are created through a process known as proof-of-work, in which miners around the world run high-powered computers that collectively validate transactions and simultaneously create new tokens. The process requires heaps of electricity, leading miners to seek out the cheapest sources of power.

While there are more than a dozen publicly traded miners, thousands of smaller, private operations are also competing to process transactions and get paid in new bitcoin. That includes individual miners in countries from Venezuela to Lebanon, and can involve a single mining rig in a kitchen or several hundred thousand of them in an industrial-grade datacenter.

Gridless runs a geothermal-powered bitcoin mine in Hell’s Gate on the shore of Lake Naivasha.

MacKenzie Sigalos

Wherever the operation, bitcoin mining is a volatile business, because so much of the economics depends on the price of the cryptocurrency. Since losing 60% of its value in 2022, bitcoin has come roaring back, hitting a record above $73,000 in March, before pulling back a bit in recent weeks.

Much of the rally has been tied to the launch of spot bitcoin exchange-traded funds in the U.S., as well as optimism surrounding the so-called halving that took place late Friday. That event occurs every four years and is designed to cut the reward for bitcoin miners in half, reducing the pace at which new bitcoins enter the market. Prior halving events have been followed by big run-ups in the cryptocurrency.

“Bitcoin is effectively unbreakable at this point,” said Adam Sullivan, CEO of Core Scientific, a bitcoin miner based in Texas. “Bitcoin is at a point where it is more profitable to continue supporting the network than to try and break it.”

Analysts at Deutsche Bank wrote in a note on April 18 that they expect the geography of crypto mining to shift after the halving as slimmer profit margins force miners to seek cheaper and more reliable forms of energy. The analysts wrote that the U.S. currently accounts for 40% of mining, with Russia at 20% and China at 15%.

“Latin America, Africa and the Middle East have caught the attention of crypto miners due to their lower energy costs,” they wrote.

Bitfarms, based in Toronto, is now operating in Argentina, while Marathon Digital, headquartered in Florida, has expanded into the United Arab Emirates and Paraguay.

Hersman, 48, was raised in Kenya and Sudan, where his parents were linguists. Before getting into bitcoin mining, he and his two co-founders, Philip Walton and Janet Maingi, spent years building internet connectivity infrastructure in rural and urban Africa.

Gridless runs bitcoin mines in Kenya, Malawi, and Zambia on a mix of renewable energy sources. The company’s site in Hell’s Gate operates on geothermal power.

MacKenzie Sigalos

In early 2022, the trio began brainstorming creative solutions for the divide between power generation and capacity, and the lack of access to electricity in Africa. They landed on the idea of bitcoin mining, which could potentially solve a big problem for renewable energy developers by taking their stranded power and spreading it to other parts of the continent. In Africa, 43% of the population, or roughly 600 million people, lack access to electricity.

Gridless now has eight full-time staffers and manages much of its operations remotely with its software.

Turning lava into bitcoin

Hell’s Gate is a deep and winding canyon that is home to cheetahs, zebras, and giraffes and rimmed by cliffs, volcanoes and thick bush.

The area is covered in ash, and sulfuric plumes of steam will periodically emit from the ground, a reminder of the surrounding, smoldering volcanic craters that wiped out some of the native Maasai tribe in the mid-19th century and threatened others who dared to take up residence there.

Gone are the days of fatal eruptions and spewing lava. Instead, an elaborate, labyrinthine piping system and volcanic plugs comprise multiple geothermal power stations.

A drilling hole at the Olkaria geothermal power station in Hell´s Gate National Park.

Getty Images/Michael Gottschalk

Volcano-powered bitcoin mining isn’t new.

Iceland, El Salvador and other countries have been harnessing geothermal energy to mine bitcoin. To make the conditions work for miners, the businesses need the combination of a buy-in from local authorities, cheap and abundant power and some infrastructure, said Nic Carter, founding partner of Castle Island Ventures, which focuses on blockchain investments.

“If you have those three ingredients, it can work, but sometimes, it’s the nation state, or a national, state energy company doing it,” Carter said. He pointed to the Middle East, which is getting into flare gas mining as an example of state-level actors entering the business.

“In some cases, it’s with the explicit blessing of the nation state like Bhutan, and then in Texas, it’s just with very favorable local regulators and local conditions,” he said. 

Africa is home to an estimated 10 terawatts of solar capacity, 350 gigawatts of hydro and another 110 gigawatts of wind.

Some of this renewable energy is being harnessed already, but a lot isn’t because building the specialized infrastructure to capture it is expensive. Even with 60% of the best solar resources globally, Africa only has 1% of installed solar PV capacity.

Enter bitcoin miners.

Bitcoin gets a bad rap for the amount of energy it consumes, but it can also help unlock these trapped renewable sources of power. Miners are essentially energy buyers, and co-locating with renewables creates a financial incentive to bolster production.

“As often happens, you’ll have an overage of power during the day or even at night, and there’s nobody to soak that power up,” said Hersman. He said his company’s 50-kilowatt mining container can “take up whatever is extra throughout the day.”

Steam tubes at the Olkaria geothermal power station in Hell´s Gate National Park.

Getty Images/Michael Gottschalk

“Within any second or minute, we are going up and down on a certain number of miners that are running,” Hersman said. “It might be down to 50 kilowatts, then up to 300 kilowatts, then down to 200 kilowatts, and then up to another level — and that will happen all day and all night.”

According to the International Energy Agency, in Africa’s rural areas, “where over 80% of the electricity-deprived live, mini-grids and stand-alone systems, mostly solar based, are the most viable solutions.”

Demand from bitcoin miners on these semi-stranded assets is making renewables in Africa economically viable. The power supplier benefits from selling energy that previously had been discarded, while the energy plants will sometimes lower costs for the customer. At one of the Gridless pilot sites in Kenya, the hydro plant dropped the price of power from 35 cents per kilowatt hour to 25 cents per kWh.

The buildout of capacity is also electrifying households.

Gridless says its sites have powered 1,200 houses in Zambia, 1,800 in Malawi and 5,000 in Kenya. The company’s mines also have delivered power for containerized cold storage for local farmers, battery charging stations for electric motorcycles and public WiFi points.

“It’s not really sexy,” Hersman said. “It’s a mining container made from a shipping container. It’s got a bunch of dumb machines sitting in it running the same equation over and over again, but it’s actually what secures the network.”

Bitcoin price surge and generative AI dominate discourse at Africa Tech Summit

Related Topics:
Continue Reading

Environment

China’s first large-scale sodium-ion battery charges to 90% in 12 minutes

Published

6 hours ago

on

May 17, 2024

By

China's first large-scale sodium-ion battery charges to 90% in 12 minutes

China sodium-ion
Photo: China Southern Power Grid Energy Storage

China’s first major sodium-ion battery energy storage station is now online, according to state-owned utility China Southern Power Grid Energy Storage.

The Fulin Sodium-ion Battery Energy Storage Station entered operation on May 11 in Nanning, the capital of the Guangxi Zhuang autonomous region in southern China. Its initial storage capacity is said to be 10 megawatt hours (MWh). Once fully developed, the Station is expected to reach a total capacity of 100 MWh.

The state utility says the 10 MWh sodium-ion battery energy storage station uses 210 Ah sodium-ion battery cells that charge to 90% in a mindblowing 12 minutes. The system comprises 22,000 cells.

Once the project reaches 100 MWh, it could release 73,000 MWh of clean energy each year. That’s enough to power 35,000 households and reduce carbon dioxide emissions by 50,000 tonnes annually.

In an interview with China Central Television, Gao Like, a manager at the Guangxi branch of China Southern Power Grid, said that the energy conversion efficiency of its sodium-ion battery energy storage system exceeds 92%. It’s comparable to the efficiency of common lithium-ion battery storage systems, at 85-95%.

Chen Man, a senior engineer at China Southern Power Grid, said [via the South China Morning Post] that once sodium-ion battery energy storage enters the stage of large-scale development, its cost can be reduced by 20-30%. He continued:

This can be achieved through further improvements in the sodium-ion battery structure, manufacturing process, material utilization, and cycle life, thus lowering the energy storage cost per kilowatt-hour of electricity.

Large-scale sodium-ion batteries are gaining momentum due to their lower cost and abundance of raw materials compared to lithium-ion batteries. The challenges with sodium-ion batteries have been lower energy density and shorter lifespans that can limit efficiency and long-term performance in large-scale applications.

Read more: A new sodium-ion battery breakthrough means they may one day power EVs

To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. – ad*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

You can now lease a Rivian R1T for cheaper than the Nissan Titan, starting at $559/month

Published

7 hours ago

on

May 17, 2024

By

You can now lease a Rivian R1T for cheaper than the Nissan Titan, starting at 9/month

Rivian-R1T-lease-cheaper

If you’ve been eyeing a new Rivian R1T, now may be the time to start shopping. Rivian is offering R1T lease rates as low as $559 per month, which is even cheaper than the Nissan Titan.

After introducing leasing for the R1T last November, Rivian is already offering some massive savings opportunities.

Rivian is offering R1T lease configurations for as low as $559 per month. That’s for a new 2024 Rivian R1T Standard Adventure Package and includes $7,500 in lease cash.

The offer is for a 36-month lease with 30,000 total miles with $7,454 due at signing. That amounts to $766 per month. Total vehicle pricing totals $71,700, including Dual Motor AWD, 21″ Wheels, LA Silver Paint, Black Mountain interior, and a $1,800 destination fee.

Although the Nissan Titan’s MSRP is about $24,000 cheaper, the Rivian R1T is still the better lease deal.

Nissan has the 2024 Titan listed at $659 for 36 months. That’s with $5,949 due at signing, according to online research firm CarsDirect. The offer is based on an MSRP of $52,380 for the SV 4×2 Crew Cab model and 10,000 miles a year, which amounts to $824 a month.

Rivian-R1T-lease-cheaper
Rivian R1T (left) and R1S (right) (Source: Rivian)

Rivian R1T is not the only EV lease getting cheaper

The difference maker is the incentives. We’ve seen it with other models like the Hyundai IONIQ6/5 and Kona Electric.

Kia is also offering up to $12,000 off 2024 EV6 and EV9 models with massive stackable incentives.

GM cut prices on its Blazer EV, while deliveries of the new Equinox EV are now underway. The Equinox EV (2LT) currently starts at $43,295, but the $34,995 (1LT) version will be available later this year. With the $7,500 credit, the Equinox EV can be bought for as little as $35,795.

Rival Ford also slashed prices on the Mach-E by 17% earlier this year, driving triple-digit volume growth. Meanwhile, Ford has introduced several incentives for the F-150 Lightning as it looks to keep its title of top-selling EV pickup in the US.

With up to 410 miles range, an 83.9″ long extendable tailgate, up to 11,000 lbs towing, and a 0 to 60 mph sprint in 3 seconds, the R1T is built to upgrade your next adventure.

Rivian-R1T-lease-cheaper
Rivian R1T (left) and R1S (right) (Source: Rivian)

Rivian added R1S leasing options in January. The Rivian R1S can be leased for as little as $639 per month. That’s also for 36 months (30,000 miles total), with $8,534 due at signing.

Rivian’s R1S electric SUV was the seventh best-selling EV in the US last year, topping the Ford F-150 Lightning and Tesla Model X, as demand for large electric SUVs continues to grow.

If you’re ready to see what Rivian has to offer at some of the lowest prices so far, we can help you get started. You can use our links below to view deals on the Rivian R1S and R1T in your area.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Save up to $400 on Jackery’s new Explorer 1000 v2 power station starting from $679, Greenworks tools 50% off, and more deals

Published

7 hours ago

on

May 17, 2024

By

Save up to 0 on Jackery's new Explorer 1000 v2 power station starting from 9, Greenworks tools 50% off, and more deals

Today’s Green Deals are ones of maximum savings on old and new devices alike, headlined by the launch of the pre-order discount on Jackery’s new Explorer 1000 v2 Portable Power Station for $679. It is joined by an early Memorial Day sale that is taking up to 50% off Greenworks tools, including chainsaws, mowers, blowers, trimmers, pressure washers, and more – starting from $97. There’s also a double one-day sale on the NIU KQi3 Pro Electric Kick Scooter for $600 and the GoTrax FLEX VOYAGER Electric Scooter at $370. Plus, all the other hangover Green Deals that are still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery’s new Explorer 1000 v2 Portable Power Station now available for pre-order at $679

Jackery has launched an early bird pre-order deal on its new Explorer 1000 v2 Portable Power Station for $679 shipped, after using the on-page code E1000V2 at checkout for $120 off. This is the very first opportunity to save on this newly upgraded power station before it begins shipping out next month, giving you until May 31 to lock down your very own ahead of summer. Its predecessor, the standard Explorer 1000, has regularly been discounted between $640 and $650 during most major sales we’ve seen since the new year began, meaning for the same general price you’ll be able to get this updated model instead of settling for its older version.

The new Explorer 1000 v2 arrives upgraded from its standard NMC lithium battery to a LiFePO4 battery for greater efficiency and better operations at lower levels of charge. It’s been given a slight bump up from a 1,002Wh capacity to a 1,070Wh of capacity, with its power output being raised as well from 1,000W to 1,500W. Charging times are also more significantly improved, with what used to take 7.5 hours through a 180W max solar input now only taking 3 hours with a 600W solar input or 1.6 hours via a wall outlet (as well as 12-hour charging through a car port). It features the next generation of Chargeshield 2.0 that provides a whopping 62 forms of all-round protection, so don’t worry about accidental surges from storms, sudden outages, etc. It also has seven output ports for your charging needs: three ACs, two USB-Cs, one USB-A, and one car port.

And if you were just thinking to yourself, “I wish there was a way to grab this model with a solar panel,” you’re in luck – cause Jackery also is giving you the first chance to save on the Explorer 1000 v2 Solar Generator bundle for $899 shipped, down from $1,299, after using the on-page code SG1000V2 at checkout for $400 off. The regular Explorer 1000’s bundle gives you two 100W solar panels (whereas the new Explorer 1000 v2 bundle simplifies it into one 200W panel) and is currently marked down to $1,099, meaning this pre-order deal gives you far more for even less – but keep in mind it also only lasts until May 31, so don’t dawdle too long on making a decision.

As part of its early Memorial Day sales, Amazon is taking up to 50% off a large collection of Greenworks mowers, blowers, trimmers, pressure washers, chainsaws, pole saws, bundles, and more. A standout amongst the bunch is the 24V 6-inch Cordless Electric Mini Chainsaw for $99.97 shipped. Regularly fetching $160, this tool has only seen three discounts since the start of the new year, with the first two keeping at $136, while last month we saw it fall to the $100 low. Today’s deal is a slightly bigger 38% markdown off the going rate that lands it at a new all-time low with only a few cents of difference. We’ve also curated a list of our other top picks in this sale below.

This 6-inch mini chainsaw is an ideal addition for travelers and homeowners alike, equipped with a brushless motor and 2.0Ah battery that is able to make up to 100 cuts on a single charge and fully recharges in up to an hour. Plus, as is common with the brand, the battery can be interchanged with over 125 other devices and tools within the Greenworks ecosystem for more convenient power needs. Its compact design allows it to better fit in tight spaces than any standard chainsaw and it lessens arm fatigue at just 3 pounds. And with its multiple, built-in safety features, like the anti-splash baffle or the safety lock, you’re ensured a much more controlled experience whether it’s for garden or tree pruning, home DIY projects, cutting up firewood, or more.

Other notable Greenworks Memorial Day discounts:

Notable Greenworks Memorial Day bundle discounts:

NIU KQi3 Pro Foldable Electric Kick Scooter hits $600 for today only

As part of its Deals of the Day, Best Buy is offering the NIU KQi3 Pro Foldable Electric Kick Scooter for $599.99 shipped. Usually fetching $799, this model has seen very few discounts since the new year began, with its successor, the KQi3 Max often receiving discounts over it. We’ve seen it go for as low as $599 in the past, meaning today’s deal gives you the second-lowest price we have tracked at just $1 above the all-time low from Black Friday sales. Regardless, it’s still a great opportunity to snag this commuting option at its lowest prices – but don’t forget, the deal only lasts until the end of the day.

The NIU KQi3 Pro offers an affordable, longer-than-normal-commuting solution of 31 miles on a single charge at 20 MPH top speeds, matching or coming near many popular e-bike models that go for more. It sports a 350W rear drive motor and a 48V battery that can handle 20% inclines together, as well as wider 21-inch handlebars and 9.5-inch rubber pneumatic tires. Its triple braking system gives you superior stopping power, with braking lights on its backside and a bright Halo headlight for evening or night time cruises, ensuring a safer journey. You’ll also get complete smart controls through the NIU app, letting you monitor or adjust settings, but more importantly it allows for the scooter to be locked for added security. You can also find the upgraded KQi3 Max model on sale as well for $750, down from $1,000.

As a cheaper option for those with a shorter travel distance or perhaps for your teens to start off with, Best Buy is also offering a one-day discount on the GoTrax FLEX VOYAGER Electric Scooter for $370, down from $600. You’re looking at a much more simplified sit-down option here, with a 15.5 MPH top speed for up to 19 miles on a single charge with its 350W motor and 36V battery. Its cushioned seat, working alongside the 14-inch shock-absorbing pneumatic tires and its rear suspension, will ensure a much smoother ride as opposed to other basic standing models. You’ll also get an integrated storage basket for errand running – or perhaps for your kids to ride to school or to a friend’s house.

Spring e-bike deals!

Hover-1 multi-color Instinct Electric Bike parked with kickstand with NYC skyline in background within post for Jackery Explorer 1000 v2 Portable Power Station

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending