Bitcoin Miner Marathon Digital Invests in Kenya’s Renewable Energy Sector

Bitcoin mining company Marathon Digital is making a big green move, partnering with the Kenyan government to boost the country’s already impressive renewable energy sector.

Focus on Knowledge Sharing and Infrastructure Development:

This new collaboration, announced in May 2024, will see both parties exchanging expertise in areas like renewable energy research, policy development, and investment strategies. Additionally, they’ll work together on building crucial energy infrastructure.

Fred Thiel, CEO of Marathon Digital, highlighted the significance of this partnership: “This agreement allows us to explore opportunities in Kenya while showcasing the country’s innovative approach to energy use and technological advancements.”

Kenya’s Renewable Energy Powerhouse Status:

Kenya stands out as a leader in renewable energy, with over 80% of its electricity generated from clean sources, according to the International Trade Administration (ITA). This energy mix includes wind, solar, hydropower, and geothermal power, with geothermal being the largest contributor.

The ITA further emphasizes Kenya’s position as a world leader in cost-effective geothermal energy production, and a prime candidate for solar power generation due to its abundant sunshine.

Shifting Gears: Kenya and Crypto Regulation:

This partnership with Marathon Digital represents a surprising shift for the Kenyan government. While exploring avenues to regulate digital assets, Kenya has previously displayed some caution, even hostility, towards new blockchain and cryptocurrency projects.

For instance, in September 2023, the Kenyan government banned Worldcoin, a cryptocurrency project, from operating within the country for one year. Privacy concerns, a lack of transparency, and security issues related to Worldcoin’s biometric data collection were cited as reasons for the ban.

Worldcoin may be able to resume operations after the one-year period, but only after reapplying and receiving regulatory approval from Kenya’s Capital Markets Authority. Additionally, they must complete a data security workshop before restarting their services in Kenya.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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