South Africa-based P2P renewable energy platform Sun Exchange has reportedly managed to secure $3 million worth of funds from Arch Emerging Markets Partners. 

Specifically, the added investment fund has reportedly put an end to the Series-A funding round, with a total of $4 million. 

The newly acquired fund will reportedly be directed to helping clients “to further diversify their solar cell portfolios across regions and industries”. The firm is reportedly also studying the potential of a wide array of markets across sub-Saharan Africa, particularly in Namibia, Zimbabwe, and Nigeria. 

Sun Exchange will reportedly enable clients from different parts of the world to purchase solar cells placed in remote territories – with Bitcoin (BTC) or South African rand being the payment options – and put them on lease to power businesses and organizations in emerging markets.

Bitcoin’s consensus model, proof-of-work have reportedly gathered a reputation of taking up large amounts of energy throughout the world. As revealed in insights from Digiconomist, the cryptocurrency annualized total footprint is reportedly equivalent to 58.78 terawatt-hours – as much as the power consumption of the whole Israel nation. 

“Although bitcoin mining is energy-intensive, it is more efficient than the alternative banking system, and the race is on to mine bitcoin in the most efficient manner possible, using the lowest cost energy — which is now solar energy in places with abundant sunshine. We hope bitcoin mining can be solar-powered.”

Back in May this year, Australia-based Power Ledger has reportedly teamed up with Thai Digital Energy Development to release a local blockchain-based peer-to-peer digital energy platform.