Kenya has signed a deal with Bitcoin miner Marathon Digital Holdings to monetize the country's underutilized energy resources. This partnership, announced by Marathon CEO Fred Thiel on X, marks a significant step towards harnessing Kenya's surplus energy for Bitcoin mining and technological development.
Signed! Kenya and @MarathonDH sign a historic agreement to monetize underutilized energy in Kenya and jointly develop technological projects. pic.twitter.com/d4Zh9o8MGI
-Fred Thiel (@fgthiel) May 24, 2024
“Kenya has a special place in the history of digital currencies as it is the home of M-PESA, which in 2007 was one of the first ways for people in Kenya and now across Africa to transmit value digitally by using of mobile phone credits”. fixed Thiel. “Today, tens of millions of people across Africa use M-PESA for branchless money transfers. Marathon is proud to participate in the next phase.”
Earlier this month, Kenya and Marathon Digital Holdings entered into their partnership, with President William Ruto confirming that Marathon is in consultations with Kenya's National Treasury and Ministry of Energy regarding mining operations. This collaboration aims to harness Kenya's abundant underutilized energy and monetize it through mining.
Kenya's geothermal energy capacity is substantial, with the country being one of the leading producers of geothermal energy in Africa. Despite this, an important part of the energy generated remains unexploited. By partnering with Marathon Digital Holdings, Kenya seeks to turn this surplus into a valuable resource, generating additional income and promoting energy efficiency.
The agreement involves not only the use of untapped energy for mining but also the joint development of technological projects that could benefit the country's infrastructure and technological landscape.
President Ruto emphasized the potential benefits of their partnership in early May, stating that “Kenya means business.” By effectively using excess energy, Kenya can boost its economy, create jobs and position itself as a leader in sustainable energy and technology.
“Marathon Digital has been asked to consult with the National Treasury of Kenya on our cryptocurrency mining regime, and with the Ministry of Energy to discuss its energy needs in relation to cryptocurrency mining here in Kenya,” the president said.
During the @AmChamKE Business Summit in Nairobi, President of Kenya @WilliamsRuto met with the MARA team to discuss how our digital asset data centers can spur energy development in the region and foster trade relations between the United States and East Africa. Watch the clip here: pic.twitter.com/ZgguTXdi4T
— MARA (@MarathonDH) May 1, 2024
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