The recent alliance between Kenya and Marathon Digital Holdings represents a notable advance in the utilization of renewable energy resources for Bitcoin mining.
According to an announcement made by Marathon Digital Holdings CEO Fred Thiel, the collaboration between the Bitcoin mining company and Kenya seeks optimization and monetization of surplus renewable energy in this country, especially geothermal, wind and solar energy, which constitute the main sources of electricity in Kenya, through Bitcoin mining.
Marathon Digital Holdings, recognized as one of the leading Bitcoin mining companies globally, has been invited to advise the Kenyan National Treasury and the Ministry of Energy, with the aim of discussing the country's crypto policies and specific energy requirements for mining Bitcoin and other cryptocurrencies.
This consultation is part of Kenya's broader effort to regulate the cryptocurrency market, which has been in the works since November 2022.
Cryptocurrency mining is known for high electricity consumption, and Kenya is looking to harness its abundant renewable energy to meet these energy needs. The partnership could also mean significant progress in the adoption of clean energy, both in the country, which would align with Kenya's goals of producing 100% of its electricity from renewable sources by 2030, and on the blockchain network. .
Kenya, pioneer in Bitcoin mining on the continent
The partnership between Kenya and Marathon Digital Holdings represents a milestone in the integration of renewable energy into the Bitcoin mining industry, positioning the country as a cryptocurrency pioneer on the African continent. With this, Kenya will not only improve its energy infrastructure but also foster economic and technological development.
Thiel he pointed that the alliance between your company and the country represents the first time direct collaboration with a government which is focused on improving its energy infrastructure. Marathon will help Kenya build the infrastructure necessary to harness its enormous energy potential with clean energy sources, reducing current intermittency and variation, and ensuring the nation's leadership in mining Bitcoin and other cryptocurrencies on the continent.
According to Thiel, the agreement also provides a clear framework to expand and pursue opportunities for the crypto industry throughout the Republic of Kenya.
“We look forward to working closely with the Ministry of Energy and Petroleum, President William Ruto and other Kenyan government leaders to drive progress through innovative and sustainable energy solutions,” Thiel said.
Marathon Digital Holdings is one of the largest Bitcoin mining companies in the United States. Currently, it has expanded its operations to other countries, such as Paraguay, where it also takes advantage of clean energy to mine bitcoins efficiently and sustainably. In this country, the company is establishing a 27 megawatt (MW) power crypto mining farm, fed by the Itaipú dam, one of the largest hydroelectric plants in Latin America and the world.
Now, from Kenya, Marathon aims to support the sustainable growth of the energy sector in the country while advising on the creation of a regulatory framework for digital assets and diversifying its Bitcoin mining operations globally.
Economic growth through cryptocurrencies
From this alliance, a foreign investment of at least $80 million dollars is projected, with which Marathon Digital Holdings will support the energy transformation, support the use of clean energy and optimize renewable energy projects, to promote innovative ways of managing energy resources in order to promote technological development through cryptocurrencies.
President William Ruto's vision and Marathon Digital's investment in joint technology projects reflect a commitment to sustainability and innovation, which could result in economic benefits and the creation of new jobs, establishing Kenya as a leader in renewable energy and advanced technology.
With over 80% of Kenya's electricity generated through renewable sources, Marathon Digital's entry could further strengthen this sector. Furthermore, Marathon's consultation with the National Treasury on the cryptocurrency regime indicates an effort by the government to regulate this emerging market and harness its potential benefits for the growth of the national economy.
