December 8, 2022

Taylor Daily Press

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Kenya's largest energy company wants to start mining bitcoin

Kenya’s largest energy company wants to start mining bitcoin

Kenya’s Kengen, the country’s largest energy producer, has called on bitcoin miners to use their excess production of renewable energy for bitcoin mining. KenGen claims that 86 percent of the energy it generates comes from renewable sources. Most of it is geothermal energy that you get from the Great Rigt Valley.

We have space and energy

A local news station reports that KenGen says it has a large acreage in the industrial power complex in Olkaria, near the largest geothermal power plant in the country. It is with great pleasure that this space is made available for Bitcoin miners to absorb the excess production.

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Peketsa Mwangi, KenGen’s head of geothermal development, says his company needs help from bitcoin miners. “We want them here because we have the space and energy to offer, which is good for stability,” Mwangi said.

Despite KenGen’s enthusiasm, nothing is currently known about the bitcoin miners on board a flight to Kenya. According to the Cambridge Bitcoin Electricity Consumption Index (CBECIA), the East African country currently does not have any bitcoin mining operations.

A clear win-win situation

If KenGen succeeds in luring bitcoin miners to Kenya for geothermal energy, a win-win situation could arise there. Operations in Kenya have the potential to make bitcoin mining greener again and could expand the Kenyan power grid and make it more stable.

Kenya currently has the 11th most expensive energy in the world. For a kilowatt-hour you are currently paying $0.22 in Kenya according to statistics† Higher energy costs are likely related to the development of Kenya’s power grid, which still lags behind the rest of the world.

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In 2020 it was Only 70 percent Kenyans have access to the country’s central power grid. Attracting bitcoin miners can be an attractive source of tax income for the Kenyan government. in Kazakhstan is expected For example, the government will earn $1.5 billion in taxes from bitcoin miners over the next five years. However, in the first quarter of 2022, Kazakhstan only collected $1.5 million in taxes from the industry.

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Disclaimer: This is not financial advice. Cryptocurrencies are a risky asset.