Bitcoin miner Marathon partners with Kenya to capitalize on excess energy
Marathon Digital Holdings has partnered with Kenya to monetize underutilized energy.
Marathon chairman and CEO Fred Thiel signed the agreement with Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H, on May 24.
Thiel said the deal will involve Kenya and Marathon “jointly developing technology projects.”
Thiel described a partial focus on digital assets, stating that the country has a “special spot in the history of digital currencies” and that Marathon will “play a part in the next phase.”
Green data center focus
According to Marathon’s official press release, the agreement will give Marathon a framework to pursue business opportunities across Kenya.
It will focus on using green data centers to optimize renewable renewable energy projects, including those that produce excess energy due to seasonal variations and intermittency.
The two partners will exchange policy, scientific, and technical information and share project investment expertise toward a better understanding of optimization.
Senior officials from Marathon and the Ministry of Energy and Petroleum will also participate in a Joint Steering Committee tasked with developing and implementing the relevant energy projects.
For Kenya, the initiative will support sustainable energy growth, produce economic benefits, and generate revenue within the country’s local energy sector.
The agreement is expected to attract roughly $80 million in foreign investments for the country.
Bitcoin mining expected
The latest releases do not explicitly mention mining applications.
However, Kenyan President William Ruto previously stated that Marathon Digital will consult with its Ministry of Energy and Petroleum on crypto mining.
Marathon will also work with Kenya’s National Treasury on its crypto regime.
Marathon is the largest Bitcoin mining firm by at least two measures, boasting a stock market cap of $5.78 billion and 17,631 BTC in Bitcoin holdings as of May 1. The company recently reported record net income and revenue for the first quarter and entered the S&P SmallCap 600.
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