News - Bitcoin Miner Marathon invests in renewable energy in Kenya

By Luc Vesters

Bitcoin Miner Marathon invests in renewable energy in Kenya

Bitcoin (BTC)

Mining company Marathon Digital has signed a contract with Kenya's Ministry of Energy and Petroleum to develop renewable energy. This is stated in a press release.

The goal of the partnership is to put unused energy to good use in Kenya by expanding the mining infrastructure. It also aims to "develop joint technology projects," as Marathon CEO Fred Thiel explains.

"With an expected investment of more than US$80 million, this project can bring economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem," reads the statement.

Kenya is not the only country to benefit from the partnership; shareholders in Marathon shares (MARA) also enjoyed nearly six percent growth in the share price. At the time of writing, the stock is trading at US$21.21.

Kenya is not the first African country to engage with Bitcoin companies. In neighboring Ethiopia, Bitcoin mining is being used to make generated electricity profitable.

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