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Home»TRADING NEWS»Marathon Digital partners with Kenya to harness underutilized renewable energy.
TRADING NEWS

Marathon Digital partners with Kenya to harness underutilized renewable energy.

By Crypto FlexsMay 24, 20242 Mins Read
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Marathon Digital partners with Kenya to harness underutilized renewable energy.
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  • Marathon Digital partners with Kenya to harness unused energy across the country for Bitcoin mining.
  • The transaction will see more than $80 million invested in projects to increase the utilization and optimization of renewable energy.

Bitcoin miner Marathon Digital has signed a major contract with Kenya’s Ministry of Energy and Petroleum.

The contract, sealed today, May 24, 2024, provides a partnership for BTC miners to utilize the country’s underutilized energy for Bitcoin mining.

Marathon to harness Kenya’s underutilized renewable energy

Marathon sealed the deal during Kenyan President William Ruto’s state visit to the United States.

According to the company, the deal will see it invest more than $80 million in “green data centers to promote the utilization and optimization of renewable energy in the Republic of Kenya.”

“This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides a clear framework within which we can pursue opportunities throughout the Republic of Kenya,” said Marathon Chairman and CEO Fred Thiel. press release.

The company will work with the Kenyan government and other stakeholders to support initiatives aimed at optimizing energy use and developing key technology infrastructure across the country, Thiel added.

Today’s agreement follows previous negotiations between Marathon and Kenya, a deal aimed at boosting the country’s renewable energy sector.

MOEP and Marathon “We exchange policy, scientific and technical information and project investment expertise to better understand how to optimize renewable energy projects that produce surplus energy due to intermittency and seasonality.“The company said in a press release.

recent data showed Kenya’s renewable energy sources account for more than 80% of the country’s electricity generation. Among these renewable or clean energy sources, geothermal is the largest.

However, although it has an estimated potential of 10,000 MW, it is largely unutilized. The installed capacity in 2022 is approximately 860MW.


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