Bitcoin Miner Marathon Digital Signs Deal With Kenya to Invest in Green Energy Projects

“Fred Thiel, CEO of Marathon, stated that the objective of the collaboration is to generate revenue from underused energy sources in Kenya and collectively work on technological initiatives.”

In a recent social media update, the company announced that they will invest in eco-friendly data centers. Additionally, Marathon mentioned in a press release that over $80 million in foreign investments are anticipated, though the exact sources were not disclosed. The statement further emphasized that this initiative would bring significant economic gains to Kenya’s economy and generate income for the local energy sector.

As a crypto investor, I’ve been following Marathon’s recent developments closely. Earlier this month, I was excited to learn that they had initiated discussions with the nation regarding managing their renewable energy operations and providing guidance on their digital asset regulatory framework. This partnership is a promising step towards fostering collaboration between the crypto industry and governments.

In 2022, Kenya relied on renewable energy for approximately 80% of its total electricity production, with ambitions to boost this figure to 100% by the end of the decade. Renewable sources such as solar and wind accounted for the majority of power generation. Nevertheless, it is essential to acknowledge that these renewable energy sources are intermittent in nature, implying they don’t consistently generate energy when demand peaks. Consequently, considerable investment is required to construct the necessary infrastructure for harnessing renewable energy and implementing advanced power management systems for effective storage and distribution.

According to the arrangement, Marathon and Kenyan policymakers will collaborate to gain a deeper insight into maximizing the potential of renewable energy initiatives that yield excess power as a result of intermittency and seasonal fluctuations.

Marthon’s stock price rose by approximately 6% to approximately $21 on Friday, surpassing Bitcoin’s 1% increase during the previous day.