Bitcoin
(BTC)
mining
company
Marathon
Digital
(MARA)
struck
a
deal
Friday
with
the
Ministry
of
Energy
and
Petroleum
of
Kenya
to
develop
the
African
country’s
energy
infrastructure
with
over
$80
million
in
investments.
The
aim
of
the
partnership
is
“monetizing
underutilized
energy
across
Kenya
and
jointly
developing
technology
projects,”
Marathon
chief
executive
officer
Fred
Thiel
said.
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Could
Traders
See
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Arrival
of
a
Spot
Bitcoin
ETF?
In
a
social
media
post,
the
company
said
that
the
investment
will
be
in
green
data
centers.
Marathon
also
noted
in
a
press
release
that
the
capital
will
include
foreign
investments
without
specifying
sources
of
funds.
“With
projected
foreign
investments
expected
to
exceed
$80
million,
this
venture
is
poised
to
deliver
economic
benefits
to
the
Kenyan
economy
and
generate
revenue
for
the
local
energy
sector
ecosystem,”
according
to
the
statement.
The
partnership
comes
as
Marathon
held
talks
earlier
this
month
with
the
nation
to
help
manage
its
renewable
energy
operation
and
advise
on
its
digital
asset
regulatory
regime.
Renewable
energy
is
Kenya’s
main
power
source,
responsible
for
80%
of
all
electricity
generation
in
2022,
with
plans
to
increase
its
share
to
100%
by
the
end
of
the
decade.
However,
renewable
energy
sources
like
solar
and
wind
are
intermittent,
meaning
that
they
don’t
produce
energy
when
most
of
the
consumption
happens.
Infrastructure
building
for
renewable
energy
is
capital-intensive
and
requires
a
power
management
system
to
store
and
distribute
energy
properly.
Under
the
agreement,
Marathon
and
Kenyan
policymakers
will
cooperate
to
“better
understand
how
to
optimize
renewable
energy
projects
that
produce
surplus
energy
due
to
intermittency
and
seasonal
variations,”
the
press
release
said.
Marathon
shares
traded
6%
higher
at
around
$21
on
Friday
from
yesterday’s
close,
outperforming
BTC’s
1%
advance
over
the
past
24
hours.
