Kenya has signed a deal with Bitcoin miner Marathon Digital Holdings to monetize the country’s underutilized energy resources. This partnership, announced by Marathon’s CEO Fred Thiel on X, marks a significant step towards leveraging Kenya’s surplus energy for Bitcoin mining and technological development.
Signed! Kenya and @MarathonDH sign a historic deal for monetizing underutilized energy across Kenya and jointly developing technology projects. pic.twitter.com/d4Zh9o8MGI
— Fred Thiel (@fgthiel) May 24, 2024
“Kenya has a special spot in the history of digital currencies as it is the home of M-PESA, which in 2007 was one of the first ways for people in Kenya and now across Africa to transmit value digitally by using mobile phone credits,” stated Thiel. “Today tens of millions of people across Africa use M-PESA for branchless money transfers. Marathon is proud to play a part in the next phase.”
Earlier this month, Kenya and Marathon Digital Holdings initiated their partnership, with President William Ruto confirming that Marathon is in consultations with Kenya’s National Treasury and Ministry of Energy regarding the mining operations. This collaboration aims to harness Kenya’s abundant underutilized energy and monetize it via mining.
Kenya’s geothermal energy capacity is substantial, with the country being one of the leading producers of geothermal power in Africa. Despite this, a significant portion of the generated energy remains untapped. By partnering with Marathon Digital Holdings, Kenya seeks to turn this surplus into a valuable resource, generating additional revenue and promoting energy efficiency.
The deal 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 technological landscape.
President Ruto emphasized the potential benefits of their partnership earlier this May, stating that “Kenya means business.” By effectively utilizing excess energy, Kenya can boost its economy, create jobs, and position itself as a leader in sustainable energy and technology.
“Marathon Digital has been ushered to consult with the National Treasury in Kenya on our cryptocurrency mining regime, and to the Ministry of Energy to discuss its energy needs in connection with cryptocurrency mining here in Kenya,” the President said.
During the @AmChamKE Business Summit in Nairobi, Kenya’s president @WilliamsRuto met with the MARA team to discuss how our digital asset data centers can spur energy development in the region and foster US-East Africa trade relations. Watch the clip here: pic.twitter.com/ZgguTXdi4T
— MARA (@MarathonDH) May 1, 2024