Kenya’s Largest Electricity Provider Pledges to Supply Bitcoin Miners with Extra Power

The biggest electricity company in Africa is eager to contribute to economic growth by letting BTC miners use the excessive power supply near Kenya’s capital Nairobi.

Great news has emerged for Bitcoin miners in Kenya as the largest electricity provider in the country announced they would be delivering excess power to regional crypto miners. Allegedly, close to 80% of the company’s power supply is renewable.

Right Time, Right Place for Bitcoin Mining

It’s important to understand the magnitude of KenGen (Kenya Electricity Generating Company). The company is the largest geothermal energy producer in Africa, generating over 14,000 MW (megawatts) of energy. Additionally, there is reportedly an estimated 10,000 MW worth of energy going unused in the Rift Valley; this is where production for the forthcoming Bitcoin mining will take place.

A foreign Bitcoin mining company reached out to KenGen in order to purchase an energy allocation, for which the director of KenGen’s geothermal development was very accommodating, saying: “We have the space and the power is near, which helps with stability”. The initial deal will see the Bitcoin miners set up in Olkaria, Naivasha, which is 120 kilometers away from Kenya’s capital of Nairobi.

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Bitcoin miners have often been criticized for their excessive carbon emissions. Recent research has even shown that the second most popular cryptocurrency, Ethereum (ETH), consumes as much power as the entirety of the Netherlands. But Kenya’s top electricity provider could help to solve the reccurring issue, as 80% of the energy produced by the company is reported to be renewable. Fortunately, other wheels are also in motion to improve energy efficiency, and the impending major upgrade to Ethereum’s blockchain, which will see ETH operate on a Proof of Stake model, is expected to reduce consumption by as much as 99%.

Bitcoin (BTC) Holding at the $30,000 Mark

After the crypto market crash, the leading digital asset has seen a number of ups and downs, and on May 31st, Bitcoin (BTC) managed to make it back to $32,206.26. Today, BTC sits just under the support line of $30,000, and is trading at $29,931.39 as of this writing, according to CoinGecko. That still represents a deficit of 20.7% compared to last month, but Bitcoin (BTC) is slowly regaining its position, seeing a price rise of 2.1% in the last week. In conclusion, it would be fair to say that Bitcoin (BTC) has suffered less than Altcoins, and the stability shown it has displayed amidst times of crypto turmoil may well help the dominant crypto to reach a stronger position past the $30,000 support line.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.