Kenya has signed a deal with Bitcoin miner Marathon Digital Holdings to monetize the country’s underutilized energy resources. The partnership, announced by Marathon CEO Fred Thiel at
Signed! Kenya and @MarathonDH Signed historic agreement to monetize underutilized energy and co-develop technology projects across Kenya. pic.twitter.com/d4Zh9o8MGI
— Fred Thiel (@fgthiel) May 24, 2024
“Kenya holds a special place in digital currency history because it is the home of M-PESA. M-PESA was launched in Kenya in 2007 and is now one of the first ways to transfer value digitally using mobile phone credits across Africa. It was.” Thiel said. “Tens of millions of people across Africa are now using M-PESA for branchless money transfers, and Marathon is proud to play a part in the next step.”
Fred Thiel of X
Earlier this month, Kenya and Marathon Digital Holdings began a partnership, with President William Ruto confirming that Marathon was in talks with Kenya’s National Treasury and Department of Energy regarding mining operations. The goal of this collaboration is to harness Kenya’s abundant and underutilized energy and generate revenue through mining.
Kenya’s geothermal energy capacity is significant, and Kenya is one of the largest geothermal energy producers in Africa. Nevertheless, a significant portion of the generated energy remains untapped. Through its partnership with Marathon Digital Holdings, Kenya hopes to transform this surplus into a valuable resource to generate additional revenue and promote energy efficiency.
The deal includes the use of untapped energy for mining, as well as the joint development of technological projects that could benefit the country’s infrastructure and technological environment.
President Ruto highlighted the potential benefits of the partnership earlier this May, saying “Kenya means business.” By utilizing surplus energy effectively, Kenya can revitalize its economy, create jobs and position itself as a leader in sustainable energy and technology.
“Marathon Digital has been instructed to consult with the Kenya National Treasury on the cryptocurrency mining framework and with the Ministry of Energy to discuss the energy needs associated with cryptocurrency mining here in Kenya,” the President said.
city @AmChamKE Kenya President Nairobi Business Summit @WilliamsRuto We met with the MARA team to discuss how a digital asset data center could boost energy development in the region and boost U.S.-East Africa trade relations. Watch the clip here: pic.twitter.com/ZgguTXdi4T
— MarathonDH (@MarathonDH) May 1, 2024