tl;dr
Kenya is consulting with Marathon Digital Holdings, a bitcoin mining company, to optimize renewable energy assets and develop its crypto regime. The African nation aims to rely on 100% renewable energy by 2030, with a focus on geothermal, wind, and solar power. Marathon's technology can help manage ...
Kenya is consulting with Marathon Digital Holdings, a bitcoin mining company, to optimize renewable energy assets and develop its crypto regime. The African nation aims to rely on 100% renewable energy by 2030, with a focus on geothermal, wind, and solar power. Marathon's technology can help manage the intermittency of renewable energy by consuming excess energy for bitcoin mining and balancing the power grid. The Kenyan government is also seeking advice on establishing a regulatory framework and potential cryptocurrency exchange to regulate crypto assets within the country.
Marathon Digital (MARA), one of the largest bitcoin mining companies, has held talks with Kenya to help manage the country's renewable energy through mining and develop its crypto regime. Kenya's President William Ruto recently met up with the Marathon's team during an American Chamber of Commerce event hosted in Kenya. Renewable energy was the source of over 80% of Kenya's electricity, according to 2022 data, and President Ruto said he plans to make this 100% by 2030. Kenya is close to being like other countries such as Congo and Uganda, which rely almost 100% on renewable energy, according to the International Renewable Energy Agency. Kenya's primary renewable power source is geothermal energy from the earth's crust, as well as wind and solar.
Companies like Marathon can set up their bitcoin mining operations to act like a power management system, consuming the excess energy generated from these renewable sources. Miners can also shut down their operations to reduce usage so that other customers can continue to get their power without interruption, which helps balance the grid. Since bitcoin mining operations can be very mobile, companies are able to set up sites wherever they are needed to help balance the power grid.
The conversation between Marathon and Kenya may have started with renewable energy solutions, but it ended with the country's president asking for the company's thoughts on a crypto regime, according to Bowder. "The Kenyan government wants to be leaders in the technology and innovation space. Investing internally and bringing in leading companies to support this growth," Browder said in a statement. "This includes building the right regulatory framework around digital assets to include a potential development of a cryptocurrency exchange (government or private sector)." The purpose of the regulatory framework and crypto exchange would be to enable the Kenyan government to regulate both the trading and selling of crypto assets within its borders. "We're excited about supporting the Kenyan government's forward-thinking," Browder said.
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