Bitcoin miner Marathon partners with Kenya to capitalize on excess energy

Marathon Digital Holdings is working with Kenya to monetize underutilized energy.

Marathon Chairman and CEO Fred Thiel signed the agreement with the Kenyan Prime Minister, Hon. Musalia Mudavadi, EGH, op May 24.

Thiel said the deal will see Kenya and Marathon “jointly develop technology projects.”

Thiel described a partial focus on digital assets, stating that the country has a “special place in the history of digital currencies” and that Marathon “will play a role in the next phase.”

Green data center focus

According to Marathon officials press releasethe agreement will provide Marathon with a framework to pursue business opportunities across Kenya.

It will focus on using green data centers to optimize renewable energy projects, including those that produce excess energy due to seasonal variations and volatility.

The two partners will exchange policy, scientific and technical information and share project investment expertise to better understand optimization.

Senior officials from Marathon and the Ministry of Energy and Petroleum will also participate in a joint steering committee charged with developing and implementing the relevant energy projects.

For Kenya, the initiative will support sustainable energy growth, deliver economic benefits and generate revenue within the country’s local energy sector.

The agreement is expected to cost approximately $80 million in foreign investments for the country.

Bitcoin mining expected

Mining applications are not explicitly mentioned in the latest releases.

However, Kenyan President William Ruto Previously mentioned that Marathon Digital will consult with the Ministry of Energy and Petroleum on crypto mining.

Marathon will also work with the Kenyan National Treasury on its crypto regime.

See also  World's largest bank ICBC praises the evolution of Bitcoin, Ethereum as innovative financial assets

Marathon is the largest Bitcoin mining company in at least two ways, with a market cap of $5.78 billion and 17,631 BTC in Bitcoin holdings as of May 1. The company recently reported record first-quarter net income and revenue and joined the S&P SmallCap 600.

The post Bitcoin miner Marathon partners with Kenya to capitalize on excess energy appeared first on CryptoSlate.

Source link