Bitcoin mining company Marathon Digital Holdings has entered into a partnership with Kenya's Ministry of Energy and Petroleum (MOEP) to collaborate on various renewable energy projects. The news led to a 5% increase in Marathon Digital's stock price.

Under this partnership, Marathon Digital and MOEP will work together on developing bitcoin-based renewable energy initiatives in Kenya. They plan to establish a committee to oversee the planning and execution of these energy projects throughout the country.

Marathon Digital CEO Fred Thiel expressed enthusiasm about the agreement, highlighting its significance in providing a structured approach to pursuing opportunities in Kenya.

The use of bitcoin mining as a renewable energy source has garnered attention from leaders in developing countries due to its consistent power generation capability. However, some critics argue that bitcoin mining's energy consumption is too high for it to be considered a sustainable energy source.

As of publication, Marathon Digital's stock is trading at around $21.10 per share, marking a 5% increase during the current trading session.

In a recent report, Marathon Digital revealed that it mined 2,811 bitcoin in the first quarter of 2024, leading to a substantial increase in profits compared to the same period last year.