Marathon Digital Partners with Kenyan Ministry to Boost Renewable Energy Sector
Summary:
Marathon Digital has announced a strategic partnership with Kenya's Ministry of Energy and Petroleum (MOEP) to boost the country's renewable energy sector. The collaboration will focus on the exchange of technical expertise, policy ideas and investment strategies in the sector. Marathon Digital's CEO highlighted Kenya's innovative energy optimization approach. It's noteworthy considering Kenya, a leading geothermal energy producer, also possesses substantial potential for solar energy generation. The partnership signals a change in the Kenyan government's wary stance on digital assets and blockchain technology, as signified by the year-long ban on Worldcoin enacted In September 2023. Worldcoin has to apply for regulatory clearance post the ban to resume its Kenyan operations.
Marathon Digital, a major player in the Bitcoin mining scene, has unveiled a strategic alliance with the Ministry of Energy and Petroleum in Kenya (MOEP) to fortify the country's burgeoning renewable energy sector. The agreement aims to facilitate an exchange of technical acumen and research, develop essential energy infrastructure, and conceive investment strategies and policy notions. Marathon Digital's CEO, Fred Thiel, highlighted the mutual benefits of this alliance in his statement. He appreciated Kenya for its innovative strategies to optimize energy usage and boost technological framework.
A report by the International Trade Administration (ITA) states that renewable energy sources power over 80% of Kenya's electricity. Wind, solar, hydropower, and geothermal energy constitute Kenya's renewable energy fleet, with geothermal energy being the primary contributor to the country's power supply.
Kenya ranks among the globe's most cost-efficient geothermal energy producers, according to the ITA. It is also a renewable energy hotbed owing to its high year-round solar radiation levels. The new partnership between Marathon Digital and MOEP is a clear departure from Kenya's previous cautious approach towards digital assets, blockchain tech, and cryptocurrency.
In September 2023, the Kenyan Government imposed a year-long ban on Worldcoin following a raft of concerns from government officials and agencies. The government pointed out lack of transparency, privacy infringements, and questionable data security with Worldcoin's biometric data collection as reasons behind this move.
Once the ban is lifted, Worldcoin will need to reapply and secure regulatory clearance from Kenya’s Capital Markets Authority to provide its services in the country. The firm also needs to complete a Data Protection Impact Assessment (DPIA) – a state-organized data security workshop – prior to resuming operations within Kenya.
Published At
5/25/2024 1:14:40 AM
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