Marathon Digital Holdings has partnered with Kenya to monetize underutilized energy resources. Marathon's chairman and CEO, Fred Thiel, signed the agreement with Kenya’s Prime Cabinet Secretary, Musalia Mudavadi, on May 24. Thiel indicated that the collaboration will involve developing technology projects with a focus on digital assets, highlighting Kenya's historical significance in digital currencies and Marathon's role in its future.

The agreement, as detailed in Marathon's press release, provides a framework for pursuing business opportunities in Kenya. It emphasizes the use of green data centers to optimize renewable energy projects, particularly those with seasonal excess energy. The partners will exchange policy, scientific, and technical information and share investment expertise to enhance optimization.

A Joint Steering Committee, including senior officials from Marathon and Kenya’s Ministry of Energy and Petroleum, will oversee the development and implementation of relevant energy projects. This initiative aims to support sustainable energy growth, generate economic benefits, and increase revenue within Kenya’s local energy sector. The agreement is expected to attract approximately $80 million in foreign investments to Kenya.

Although the latest releases do not explicitly mention Bitcoin mining, Kenyan President William Ruto has previously indicated that Marathon Digital will collaborate with the Ministry of Energy and Petroleum on crypto mining. Marathon will also work with Kenya’s National Treasury on its cryptocurrency framework.

Marathon is the largest Bitcoin mining firm, with a stock market cap of $5.78 billion and 17,631 BTC in holdings as of May 1. The company recently reported record net income and revenue for the first quarter and joined the S&P SmallCap 600.