Kenya has signed an agreement with Bitcoin mining company Marathon Digital Holdings to monetize the country's underutilized energy resources. This partnership, announced by Marathon CEO Fred Thiel on X, represents an important step towards leveraging Kenya’s surplus capacity for Bitcoin mining and technology development.
Occurred! Kenya and @MarathonDH Signing of a landmark deal to monetize underutilized energy across Kenya and jointly develop technology projects. pic.twitter.com/d4Zh9o8MGI
– Fred Thiel (@fgthiel) May 24, 2024
“Kenya has a special place in cryptocurrency history because it is home to the M-PESA service, which in 2007 was one of the first ways for people in Kenya and now across Africa to transfer value digitally using mobile phone credits.” advertiser Thiel. “Today, tens of millions of people across Africa use M-PESA for branchless money transfers. Marathon is proud to play a role in this next phase.”
Earlier this month, Kenya and Marathon Digital Holdings began their partnership, with President William Ruto confirming that Marathon is in consultations with Kenya's National Treasury and Ministry of Energy regarding its mining operations. This collaboration aims to harness Kenya's abundant untapped energy and monetize it through mining.
Kenya's geothermal energy capacity is significant, as the country is one of the major producers of geothermal energy in Africa. Despite this, a large portion of the generated energy remains untapped. By partnering with Marathon Digital Holdings, Kenya seeks to transform this surplus into a valuable resource, generating additional revenue and enhancing energy efficiency.
The deal includes 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 stressed the potential benefits of their partnership earlier this May, saying that “Kenya means business.” Through efficient use of surplus energy, Kenya can boost its economy, create jobs, and position itself as a leader in sustainable energy and technology.
“Marathon Digital was launched to consult with the National Treasury of Kenya on our cryptocurrency mining system, and for the Ministry of Energy to discuss their energy needs in relation to cryptocurrency mining here in Kenya,” the President said.
During the @AmChamKE Business Summit in Nairobi, President of Kenya @williamsruto Meet with the MARA team to discuss how our digital asset data centers can stimulate energy development in the region and strengthen trade relations between the United States and East Africa. Watch the clip here: pic.twitter.com/ZgguTXdi4T
– Mara (@MarathonDH) May 1, 2024
