TD₿: Bitcoin is a Pioneer Species (a podcast) by Peter McCormack with Brandon Quittem
TL;DR Bitcoin mining can bootstrap communities by enabling them to harness otherwise stranded energy resources, allowing them to flourish.
Hey Bitcoiners,
Some news that came out of the Africa Bitcoin Conference last week was that Gridless, an East African Bitcoin mining company, has raised $2 million in a seed round led by Jack Dorsey’s Block and Alyse Killeen’s Stillmark.
Jack Dorsey posted these photos of Gridless’s mining operations during his visit to the continent.
Here is what Gridless CEO Erik Hersman said in reaction to the fund raise, “Africa needs affordable electricity. Our work in supporting renewable energy mini grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high caliber of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”
This raise grabbed my attention for a number of reasons including, 1) I have a tremendous amount of respect for Jack and Alyse, 2) Bitcoin adoption in Africa continues to inspire me, and 3) It highlights how Bitcoin mining can help bootstrap rural communities by allowing them to harness otherwise stranded energy resources.
Humans ability to harness energy is a prerequisite for human flourishing. As a thought experiment, imagine your life right now without access to reliable energy. What you will quickly realize is that almost everything in your life, to your running water, refrigeration, Internet, phone, healthcare, transportation, etc., all requires energy.
Without the ability to harness energy, a community cannot progress forward and raise the standard of living for its inhabitants.
Below is a chart that highlights the positive relationship between Real GDP per capita, often used as a measure of the standard of living, and primary energy consumption per capita by country.
The chart above highlights how the ability to harness energy is a requirement for a well-functioning society. This is why it’s so exciting that Bitcoin mining has the ability to help communities harness energy resources that would otherwise remain untapped.
Brandon Quittem recently recorded this podcast that explores his thesis around Bitcoin as a Pioneer Species that I thought was an incredible listen. (12/09/2022)
When I see seed investments being written to companies like Gridless, I think about what the communities they work with will look like in 20 years after Bitcoin mining has helped them harness the energy resources around them.
This is just another example of how Bitcoin miners are changing the game when it comes to being the energy buyers of last resort. The world is not ready for the human flourishing that will follow.
Tick tock next block,
Sam Callahan
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Quote of the Day
“Bitcoin mining is everything you don’t understand about energy, combined with everything you don’t understand about Bitcoin.” - Brandon Quittem, Communications Director at Swan Bitcoin
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Meme of the Day
couldn't agree more about the interview with Brandon Quittem about bitcoin being a pioneer species. I have watched it twice already- it's amazing.