Marathon Digital Inks Renewable Energy Deal With Kenya; Crypto Miner to Invest $80M

Marathon Digital Holdings and the Kenyan Ministry of Energy and Petroleum have signed an agreement, which sees the crypto mining firm commit to invest $80 million in Kenya's digital infrastructure. Following the memorandum of understanding (MOU) signing, the Kenyan government will establish a steering committee comprised of ministry officials and executives from Marathon.

Joint Steering Committee to Be Established

Marathon Digital Holdings, a U.S.-based cryptocurrency mining firm, has signed a memorandum of understanding (MOU) with Kenya's Ministry of Energy and Petroleum to monetize underutilized energy and jointly develop technology projects. As part of the agreement, Marathon is expected to invest $80 million in digital infrastructure in Kenya.

According to Marathon, the agreement also paves the way for the use of its green data centers to optimize renewable energy projects. It is also expected to advance technological infrastructure and stimulate economic development across Kenya. The signing of the MOU paves the way for the Kenyan government to establish a joint steering committee staffed by ministry officials and Marathon executives.

Fred Thiel, who signed the MOU on behalf of Marathon Digital on May 24, shared some key moments of the ceremony. Commenting on the achievement of his company, Thiel said:

"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. It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure."

Thiel stated that his firm is prepared to collaborate with Kenyan leaders and any other parties seeking innovative and effective methods to improve their energy infrastructure.

According to a statement from Marathon, the signing ceremony took place at the U.S. Chamber of Commerce. The event was attended by Kenyan President William Ruto and U.S. Ambassador Meg Whitman.