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 on X, marks a significant step in harnessing Kenya’s surplus energy for Bitcoin mining and technology development.
Signed! With Kenya Marathon DH Signing of historic agreement to monetize untapped energy and co-develop technology projects across Kenya. pic.twitter.com/d4Zh9o8MGI
— Fred Thiel (@fgthiel) May 24, 2024
“Kenya has a special place in the history of digital currency because it is the home of M-PESA, which in 2007 was one of the first ways that people in Kenya, and now across Africa, were able to transfer value digitally using mobile phone credit.” stated “Tens of millions of people across Africa currently use M-PESA to send money without a branch, and Marathon is proud to be contributing to the next step,” said Thiel.
Earlier this month, Kenya and Marathon Digital Holdings launched a partnership, with President William Ruto confirming that Marathon is in discussions with Kenya’s Ministry of Finance and Ministry of Energy regarding mining operations. The partnership aims to harness Kenya’s abundant and untapped energy reserves and monetize them through mining.
Kenya has a large geothermal energy capacity, making it one of the leading geothermal power producers in Africa. Despite this, a significant portion of the energy generated remains untapped. By partnering with Marathon Digital Holdings, Kenya aims to transform this surplus into a valuable resource, generate additional revenue, and improve energy efficiency.
The agreement also includes joint development of technological projects that could benefit the country’s infrastructure and technological environment as well as harnessing untapped energy for mining.
“Kenya is business,” President Ruto said earlier this May, highlighting the potential benefits of a partnership between the two countries. Putting surplus energy to good use can boost Kenya’s economy, create jobs and position it as a leader in sustainable energy and technology.
“Marathon Digital has been instructed to consult with the Ministry of Finance of Kenya regarding a crypto mining regime and with the Ministry of Energy regarding the energy needs related to crypto mining in Kenya,” the president said.
Between translation: Kenyan President holds business summit in Nairobi Williams Route We met with the MARA team to discuss how our digital asset data center can foster regional energy development and boost trade relations between the U.S. and East Africa. Check out the clip here: pic.twitter.com/ZgguTXdi4T
— MARA (@MarathonDH) May 1, 2024
