Blockchain & Crypto

Marathon Digital to Enhance Kenya’s Energy Sector Transformation

Bitcoin mining giant Marathon Digital Holdings will support energy utilization and optimize renewable energy projects across Kenya

Marathon Digital to Enhance Kenya’s Energy Sector Transformation

Marathon has announced that it entered into an official agreement with the Ministry of Energy and Petroleum of the Republic of Kenya (“MOEP”) to further develop the country’s thriving renewable energy sector.

The two parties agreed to exchange policy, scientific, and technical information, as well as project investment expertise. This mutual exchange is supposed to help optimize local renewable energy projects that produce surplus energy due to intermittency and seasonal variations.

MOEP and Marathon senior officials will also establish a Joint Steering Committee to ensure the development and implementation of energy-related projects across the country. This venture is expected to attract foreign investments of over $80 million and generate revenue for the local energy sector ecosystem.

For Marathon Digital, the cooperation is part of its broader strategy to diversify operations, lower energy costs and benefit the communities where it operates globally. It may also be seen as the realisation of the corporate commitment to supporting the sustainable growth of the energy sector.

“This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides us with a clear framework to pursue opportunities across the Republic of Kenya. It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure. We look forward to working closely with the Ministry of Energy and Petroleum, President William Ruto, and other Kenyan government leaders to drive progress through innovative and sustainable energy solutions.”

Fred Thiel, Chairman and CEO of Marathon Digital

Kenya is one of the global leaders in its decarbonisation efforts. About 93% – 95% of the country’s energy is already renewable, intending to reach 100% in the next few years. The country is already excelling in carbon removal, based on direct air capture facilities and aims to improve other sustainability aspects.

The country’s government has recently launched an initiative with the United States to develop a green manufacturing base in Kenya. “The use of Kenya’s green energy resources and America’s technology can unlock huge potential, especially with data centers and artificial intelligence,” said the President of Kenya William Ruto.

Bitcoin mining technology has also earlier found its use in Kenya. For example, a hydro-powered crypto mining project Gridless Compute has been powering an entire rural settlement in Kenya being an excellent example of Bitcoin mining promoting the global transition to renewable energy.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.