On A Quest For Cleaner Crypto Mining – AboutBit Joins The Global Endeavor Network
Endeavor announced today that AboutBit has joined the global Endeavor network. Stacy Griggs, an Endeavor Entrepreneur and Board Member and the CEO of AboutBit, is joined by AboutBit co-founders Wade Lewis and Dan Kimball, as Endeavor Entrepreneurs leading the company.
Founded in 2020, AboutBit is an earth friendly crypto mining company headquartered in Louisville, Kentucky. Founders Stacy Griggs, Wade Lewis, Dan Kimball, and three additional founding partners, Calvin Wells, Richard Teachout and Chris Porter, saw the yin and yang of the cryptocurrency boom — and have crafted a solution to crypto mining that produces fewer carbon emissions than the coal-fired plants that currently mine much of the world’s cryptocurrencies. The team recognized the potential of cryptocurrency, but also the need to reduce the massive energy consumption used in traditional mining operations.
The United States has over two million abandoned unplugged wells, which produce millions of tons of greenhouse gas emissions annually. To solve this massive problem, AboutBit created a series of turnkey modular data centers powered by an alternative source of energy: natural gas wells and flared gas energy. Each pod is temperature-controlled with cooling technology, fueling up to 700 miners. Through a partnership with Starlink, the pods are equipped with unparalleled connectivity to ensure that mining operations continue without interruption, utilizing less power.
Energy is the number one cost in mining Bitcoin – AboutBit has already acquired over 550 wells in Colorado, Indiana, and Oklahoma, rapidly scaling to become a sustainable and inexpensive electricity provider for Bitcoin mining. The company is investing in further expansion to achieve their vision to reduce the global crypto carbon footprint. AboutBit closed a $10M seed round in 2021 and is already eyeing a Series A to continue funding pod deployment across the United States while scaling the team and operations.
Stacy Griggs was originally selected as an Endeavor Entrepreneur in 2016 with his adtech company, El Toro. Based in Louisville, Kentucky, El Toro is a regional tech success story with over 200 high-paying jobs created. While Griggs continues to lead El Toro as the CEO, he launched AboutBit with Wade Lewis, Dan Kimball, and three other founding partners. Endeavor promotes this multiplier effect by inspiring high-growth founders to dream bigger, supporting and investing in them to scale faster, and providing a platform to pay it forward – thereby compounding their entrepreneurial impact. Endeavor is now supporting the AboutBit team as they continue to scale up, go big, and give back.
About Endeavor
Endeavor is the world’s leading community of high-growth entrepreneurs. Founded in 1997, Endeavor unlocks the transformational power of entrepreneurship by selecting, supporting, and investing in the world’s top founders to help them achieve large-scale growth. Today, Endeavor’s network spans over 40 countries and supports more than 2,000 entrepreneurs, whose companies generate combined revenues of over $28.7 billion, employ more than 4.1 million people, and, in 2020, raised over $4 billion in capital including from Endeavor Catalyst, our rules based venture capital fund. Endeavor’s unique entrepreneur-first model, peer-to-peer community, and trust-based network provides a platform and resources for founders to dream big, scale up, and pay it forward to the next generation. In 2015, an Endeavor office was launched in Louisville, Kentucky as one of the first in the U.S. Our office supports Kentucky, Indiana, and Ohio entrepreneurs. Learn more at www.endeavor.org.
About AboutBit
Founded in 2020, AboutBit is a Kentucky-based startup born from cryptocurrency potential and the resolution of wasteful emissions. Founders Stacy Griggs, Wade Lewis, Dan Kimball, and three additional founding partners, Calvin Wells, Richard Teachout and Chris Porter saw the yin and yang of the cryptocurrency boom — and crafted a solution to crypto mining while producing fewer carbon emissions than the coal-fired plants that currently mine much of the world’s cryptocurrencies. Energy is the number one cost in mining Bitcoin – and with over 550 wells acquired in Colorado and Oklahoma, Aboutbit has rapidly scaled to become a sustainable and inexpensive electricity provider for Bitcoin mining.