Crypto Mining Company Marathon Digital Partners With Kenya's Ministry Of Energy And Oil

Crypto Mining Company Marathon Digital Partners With Kenya’s Ministry Of Energy And Oil

27 May 2024

in Mining

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JAKARTA – Bitcoin mining company Marathon Digital Holdings, with Kenya’s Ministry of Energy and Oil (MOEP). This partnership signifies a step forward in utilizing Bitcoin technology to support the renewable energy transition in Kenya.

Marathon Digital and MOEP will work together in developing a series of Bitcoin-based renewable energy projects in Kenya. To smooth the process, both parties will form a special committee tasked with directing the development and implementation of renewable energy projects throughout Kenya.

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“This agreement is an important moment for our business as it opens up new opportunities for the Digital Marathon in Kenya,” said Digital Marathon CEO Fred Thiel, in a statement. This collaboration allows us to contribute to the development of renewable energy in Kenya, while strengthening our commitment to environmental sustainability.

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The choice of Bitcoin as the basis of this renewable energy project is based on its ability to generate power throughout the year. This is an attraction for leaders in developing countries, who want to ensure a stable and sustainable energy supply.

However, Bitcoin mining is still reaping criticism from several parties who consider it an activity that is wasteful of energy and is not yet mature enough to be used as a source of renewable energy.

Despite the controversy, the collaboration between Marathon Digital and MOEP shows the great potential of Bitcoin in driving the renewable energy transition. This is also in line with the performance of Digital Marathon which shows positive growth. Shares of the company traded around US$21.10 per share at the time of publication, up about 5% compared to the previous day.