Key Takeaways
- Kenya has partnered with Marathon Digital to monetize geothermal energy through Bitcoin mining.
- A Joint Steering Committee will oversee the energy projects.
- The expected foreign investments could surpass $80 million, boosting Kenya's economy.
Kenya has signed an agreement with Marathon Digital Holdings to transform its surplus geothermal energy into economic gains through Bitcoin mining.
This collaboration aims to leverage Kenya’s abundant but underutilized energy resources, positioning the country as a leader in sustainable energy and technological advancement.
President involved
The partnership, announced earlier this month, involves Kenya’s President William Ruto working with the National Treasury and Ministry of Energy.
The goal is to capitalize on Kenya’s excess geothermal power, which places the country among the top producers in Africa, yet remains underutilized.
President Ruto is optimistic about the benefits, suggesting that efficient use of surplus energy can bolster the economy, create jobs, and enhance Kenya’s infrastructure.
Details
A press release from Marathon Digital Holdings outlined the agreement with Kenya’s Ministry of Energy and Petroleum (MOEP), emphasizing mutual information exchange and expertise to optimize renewable energy projects and manage energy production variability.
A Joint Steering Committee, composed of senior officials from MOEP and Marathon, will oversee the development and implementation of these energy projects.
This partnership is expected to attract foreign investments exceeding $80 million, promising significant economic benefits for Kenya and revenue generation for its local energy sector.
Fred Thiel, Marathon’s CEO, called the agreement a pivotal moment for the company, highlighting Kenya’s innovative approach.
Manoj Narender Madnani, Marathon’s managing director for the EMEA region, noted this as the first direct collaboration with a government to improve energy infrastructure.
The agreement was formally signed on May 24, 2024, at the US Chamber of Commerce by Fred Thiel and Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H.
