Bitcoin mining company Marathon Digital Holdings is working with Kenya’s Ministry of Energy and Petroleum (MOEP) on several renewable energy projects.
As part of the agreement, Marathon Digital and MOEP will roll out a series of Bitcoin-based renewable energy projects in Kenya. To facilitate this work, the two groups will establish a committee to manage the development and implementation of energy-related projects across Africa, according to a joint statement.
“This agreement with the Ministry of Energy and Petroleum is a great opportunity for our business as it provides a clear framework within which we can pursue opportunities across the Republic of Kenya,” Fred Thiel, CEO of Marathon Digital, said in a statement on Friday. “It’s a pivotal moment.”
Bitcoin mining, a renewable energy source, is increasingly attracting the attention of leaders in developing countries due to its ability to generate electricity year-round. However, some detractors of the practice argue that Bitcoin mining is an energy-intensive enterprise, too new to be utilized as a renewable energy source.
Marathon Digital’s stock is trading around $21.10 per share at the time of publication, up about 5% in today’s session.
Earlier this month, Marathon Digital reported that it had mined 2,811 bitcoins in the first quarter of 2024. With the price of Bitcoin hitting record highs during the period, “Marathon Digital’s revenue also increased to $337.2 million, an increase of 184% compared to the same period a year ago,” The Block reported. It has been done.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano