Bitcoin mining company Marathon has partnered with Kenya to harness excess energy.
Marathon Digital Holdings partners with Kenya to monetize underutilized energy.
Marathon Chairman and CEO Fred Thiel signed an agreement with Kenyan Prime Minister Hon. Musalia Mudavadi, EGH May 24th.
Thiel said the deal would involve Kenya and Marathon “jointly developing technology projects.”
Thiel explained the partial focus on digital assets, saying the country has a “special place in the history of digital currencies” and that Marathon “will play a part in the next phase.”
Green Data Center Focus
According to Marathon’s official press release, the agreement will provide Marathon with a framework to pursue business opportunities across Kenya.
There will be a focus on using green data centers to optimize renewable energy projects, including projects that produce excess energy due to seasonality and intermittency.
The two partners will exchange policy, scientific and technical information and share project investment expertise for a better understanding of optimization.
Senior officials from Marathon and the Ministry of Energy and Petroleum will also participate in the joint steering committee that develops and implements related energy projects.
For Kenya, this plan will support sustainable energy growth, generate economic benefits and generate revenue within the country’s local energy sector.
This contract is expected to attract approximately $5.80 million foreign investment in the country.
Bitcoin mining predictions
The latest release does not explicitly mention mining applications.
However, Kenyan President William Ruto previously mentioned Marathon Digital will consult with the Ministry of Energy and Petroleum on cryptocurrency mining.
Marathon will also work with the Kenya National Treasury on a cryptocurrency framework.
Marathon is the largest Bitcoin mining company by both accounts, boasting a stock market capitalization of $5.78 billion and Bitcoin holdings of 17,631 BTC as of May 1. The company recently reported record first-quarter net income and revenue and earned a spot on S&P SmallCap. 600.
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