Kenya has signed a deal with Bitcoin miner Marathon Digital Holdings to monetize the country’s underutilized energy resources. This partnership, announced by Fred Thiel, CEO of Marathon on X, marks an important step towards harnessing Kenya’s energy surplus for Bitcoin mining and technology development.
Sign! Kenya and @MarathonDH sign a historic agreement to monetize underutilized energy across Kenya and jointly develop technology projects. pic.twitter.com/d4Zh9o8MGI
– Fred Thiel (@fgthiel) May 24, 2024
“Kenya holds a special place in the history of digital currencies as it is home to M-PESA, which in 2007 was one of the first ways for people in Kenya and now across Africa to transmit value digitally using mobile phone credits.” declared Thiel. “Today, tens of millions of people across Africa use M-PESA for branchless money transfers. Marathon is proud to play a role in the next phase.”
Earlier this month, Kenya and Marathon Digital Holdings launched their partnership, with President William Ruto confirming that Marathon was in consultation 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 considerable, with the country being one of the leading producers of geothermal energy in Africa. Despite this, a significant part of the energy produced remains unexploited. By partnering with Marathon Digital Holdings, Kenya seeks to turn this surplus into a valuable resource, generating additional revenue and promoting energy efficiency.
The agreement involves not only the use of untapped energy for mining, but also the joint development of technology projects that could benefit the country’s infrastructure and technology landscape.
President Ruto highlighted the potential benefits of their partnership in early May, saying “Kenya is serious.” By using surplus energy efficiently, Kenya can boost its economy, create jobs and position itself as a leader in sustainable energy and technology.
“Marathon Digital was invited to consult with the National Treasury of Kenya on our cryptocurrency mining regime, as well as the Ministry of Energy to discuss its energy requirements related to cryptocurrency mining here in Kenya “, said the president.
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 drive 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
