Marathon Digital, a renowned Bitcoin miner, has joined forces with the Kenyan Ministry of Energy and Petroleum (MOEP) to further advance the flourishing renewable energy industry in Kenya. CEO Fred Thiel expressed great admiration for the benefits of collaborating with the Kenyan Ministry after the recent partnership agreement.
Kenya has made significant strides in utilizing renewable energy sources, with over 80% of its power being generated from such sources, as confirmed by the International Trade Administration (ITA). The country heavily relies on wind, solar, hydroelectric, and geothermal power for its renewable energy industry, with geothermal sources being the primary contributor to its electrical infrastructure.
Kenya’s abundance of annual sunshine makes it an ideal location for solar power, as recognized by the ITA. The country has also gained recognition for being one of the most cost-effective geothermal energy producers globally.
While Kenya’s government has previously approached digital assets with caution and skepticism, its partnership with Marathon Digital marks a significant shift. This collaboration signifies a change in attitude towards blockchain and cryptocurrency projects.
In September 2023, Worldcoin faced a one-year prohibition in Kenya due to concerns raised by government agencies and authorities. The government cited privacy concerns, lack of transparency, and security issues as the main reasons for banning Worldcoin’s collection of biometric data. However, once the one-year prohibition is lifted, Worldcoin may have the opportunity to resume operations in Kenya. To do so, it must reapply and obtain regulatory permission from Kenya’s Capital Markets Authority.
In other crypto news today, investors are closely monitoring speeches from the Federal Reserve this week for insights into potential rate hike decisions.
