Marathon to Invest $80 Million in Green Bitcoin Mining in Kenya

Mining firm Marathon Digital Holdings has reached an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to establish data centers utilizing renewable energy sources.

During President @WilliamsRuto’s State Visit to the US, we entered into an agreement with @EnergyMinK to invest over $80 million in establishing green data centers to boost renewable energy utilization and optimization in the Republic of Kenya. ????? pic.twitter.com/TfyanEdJwW

— MARA (@MarathonDH) May 24, 2024

The proposed investment amounts to $80 million.

The agreement outlines Marathon’s involvement in the “optimization of renewable energy projects” across Kenya. One focus will be to smooth out seasonal fluctuations in green electricity production.

The parties will establish a joint committee to facilitate the exchange of political, scientific, and technical information, as well as investment experience. This body aims to ensure the “development and implementation of energy projects throughout the country.”

“While Marathon has already successfully established operations in the UAE and Paraguay, this agreement marks the first direct collaboration with a government to enhance energy infrastructure,” stated the company’s managing director for the EMEA region, Manoj Narender Madnani.

Back in February, Marathon’s Vice President Charlie Schumacher hinted at the firm’s potential expansion into Africa.

Experts have predicted a shift to the continent following the halving of outdated Bitcoin miners from the US, where they will become unprofitable.