Key Points
- Marathon Digital Holdings is collaborating with Kenya’s Ministry of Energy and Petroleum on renewable energy projects.
- The partnership involves the development of bitcoin-based renewable energy projects across Kenya.
Marathon Digital Holdings, a prominent Bitcoin mining company, has entered into a partnership with the Ministry of Energy and Petroleum in Kenya. The collaboration focuses on the creation of several renewable energy projects.
Partnership Details
The partnership entails the development and implementation of Bitcoin-based renewable energy projects across Kenya. To facilitate this, a committee will be established to guide the development and implementation of these energy-related initiatives.
The deal with the Kenyan Ministry signifies a crucial turning point for Marathon Digital, providing the company with a comprehensive framework to explore opportunities across Kenya, stated Fred Thiel, the CEO of Marathon Digital.
Bitcoin Mining and Renewable Energy
The concept of using Bitcoin mining as a renewable energy source has been attracting attention, particularly in developing nations. This is due to Bitcoin mining’s ability to produce power throughout the year. However, critics argue that Bitcoin mining consumes too much energy and is too new to serve as a reliable renewable energy source.
At the time of reporting, Marathon Digital’s shares were trading around $21.10, marking an approximately 5% increase in that day’s session.
Earlier in the month, Marathon Digital announced that it had mined 2,811 Bitcoin in the first quarter of 2024. The price of Bitcoin reached record highs during this period, which significantly boosted Marathon Digital’s profits to $337.2 million, marking an 184% increase compared to the same period the previous year.
