Bitcoin miner Marathon Digital partners with Kenya on renewable energy projects
Quick Take
- Marathon Digital Holdings is partnering with Kenya’s Ministry of Energy and Petroleum on a series of renewable-energy projects.
- Marathon Digital’s stock traded up about 5% following the news.
Bitcoin mining firm Marathon Digital Holdings is partnering with Kenya's Ministry of Energy and Petroleum (MOEP) on several renewable energy projects.
As part of the agreement, Marathon Digital and the MOEP will come up with a series of bitcoin-based renewable energy projects in Kenya. To facilitate that work, the two groups will establish a committee charged with steering the development and implementation of those energy-related projects across the African nation, according to a joint statement.
“This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides us with a clear framework to pursue opportunities across the Republic of Kenya,” Marathon Digital CEO Fred Thiel said Friday in a statement.
Bitcoin mining as a renewable energy source has increasingly captured the interest of leaders in developing nations, due to its ability to generate power year-round. However, some detractors of the practice argue that bitcoin mining is an energy-guzzling enterprise that is too new to act as a renewable energy source.
Marathon Digital’s stock is trading around $21.10 per share at publication time, up roughly 5% in today's session.
Earlier this month, Marathon Digital reported that it mined 2,811 bitcoin in the first quarter of 2024. With the price of bitcoin hitting an all-time high during that period, "Marathon Digital also boosted profits to $337.2 million, an 184% increase compared to the same period a year ago," The Block previously reported.
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