Key Points
- Marathon Digital has partnered with Kenya’s Ministry of Energy and Petroleum for renewable energy development.
- The partnership aims to share technical knowledge, research, policy ideas, and investment strategies.
Marathon Digital, a leading figure in Bitcoin mining, has recently formed a strategic alliance with the Ministry of Energy and Petroleum (MOEP) in Kenya. The partnership aims to further enhance Kenya’s already flourishing renewable energy sector.
Partnership Objectives
The collaboration will focus on sharing technical expertise and research, formulating policy ideas, designing investment strategies, and developing essential energy infrastructure.
Fred Thiel, CEO of Marathon Digital, expressed his enthusiasm for the partnership with MOEP, stating that it provides a clear framework for Marathon Digital to pursue opportunities across Kenya. He also praised Kenya’s innovative approach to optimizing energy usage and enhancing their technological infrastructure.
Renewable Energy in Kenya
As per the International Trade Administration (ITA), over 80% of Kenya’s electricity is generated from renewable energy sources. The country’s renewable energy sector utilizes a combination of wind, solar, hydroelectric power, and geothermal energy to supply power to the grid, with geothermal energy contributing the most.
The ITA further highlights that Kenya is one of the world’s lowest-cost geothermal energy producers and an excellent candidate for solar energy generation due to the significant amount of sunlight it receives every year.
The partnership between MOEP and Marathon Digital marks a surprising shift for Kenya’s government. While the government has been exploring ways to regulate digital assets, it has been somewhat cautious, if not outright hostile, towards adopting new blockchain and cryptocurrency projects.
In September 2023, the Kenyan government banned Worldcoin from operating in the country for one year due to privacy concerns, lack of transparency, and security issues with Worldcoin’s collection of biometric data. The company may resume operations in Kenya after the one-year ban, but it has to reapply and get regulatory approval from Kenya’s Capital Markets Authority. It must also complete a Data Protection Impact Assessment, a state-administered data security workshop, before restarting its operations in Kenya.
