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Marathon Digital Holdings Partners with Kenya to Monetize Underutilized Energy

The collaboration will develop technology projects utilizing green data centers.

Marathon Digital Holdings has announced a significant partnership with Kenya to monetize underutilized energy resources.
Credit: Foretoken Media 2024

NAIROBI – Marathon Digital Holdings has announced a significant partnership with Kenya to monetize underutilized energy resources. The agreement, signed by Marathon chairman and CEO Fred Thiel and Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H, on May 24, aims to jointly develop technology projects with a particular focus on digital assets and renewable energy optimization.

Fred Thiel emphasized the importance of Kenya in the history of digital currencies and stated that Marathon will contribute to the next phase of this evolution. The partnership will involve a collaborative effort to develop and implement technology projects, enhancing the utilization of Kenya's renewable energy resources.

Focus on Green Data Centers

According to Marathon’s official press release, the agreement outlines a framework for Marathon to pursue various business opportunities across Kenya. A primary focus will be the use of green data centers to optimize renewable energy projects, particularly those generating excess energy due to seasonal variations and intermittency.

The collaboration will include the exchange of policy, scientific, and technical information between Marathon and Kenya’s Ministry of Energy and Petroleum. Both parties will share project investment expertise to better understand and optimize energy projects. A Joint Steering Committee comprising senior officials from Marathon and the Ministry will oversee the development and implementation of these projects.

Economic and Sustainable Benefits for Kenya

For Kenya, this initiative promises to support sustainable energy growth, produce economic benefits, and generate revenue within the local energy sector. The agreement is expected to attract approximately $80 million in foreign investments, significantly boosting the country’s economic landscape.

While the latest releases do not explicitly mention mining applications, Kenyan President William Ruto has previously indicated that Marathon Digital will consult with the Ministry of Energy and Petroleum on crypto mining initiatives. Additionally, Marathon will collaborate with Kenya’s National Treasury on developing a comprehensive crypto regime.

Marathon Digital Holdings is the largest Bitcoin mining firm globally, with a market cap of $5.78 billion and 17,631 BTC in holdings as of May 1. The company recently reported record net income and revenue for the first quarter and has been included in the S&P SmallCap 600.


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