KenGen, Kenya’s largest energy company, has invited global Bitcoin miners to the country. The company stated that geothermal facilities can be leased to miners.
Cryptocurrencies, led by Bitcoin (BTC), continue to be on the agenda of many countries due to their adoption by more and more people. These digital assets using blockchain technology are expected to become widespread in the future due to the conveniences provided. However, as with every new technology, there are some negative aspects of cryptocurrencies.
Perhaps the biggest of these is the environmental impact of cryptocurrency mining. Research shows that global Bitcoin consumes as much electricity as Argentina in a year and causes huge carbon emissions. For this reason, authorities are trying to direct crypto mining to renewable energy sources. Now a move in this regard has come from a country in East Africa.
Kenya urges Bitcoin miners to use geothermal energies in the country
A company from Kenya, an East African country with a population of 53 million, made a move toward Bitcoin miners. The company, which is named KenGen and holds the title of the country’s largest energy producer, invited miners to take advantage of its renewable energy facility located near the capital, Nairobi.
The company stated that 86% of the energy it produces consists of renewable energy sources, the majority of which is geothermal. A local news source also reported that KenGen can lease the geothermal power plant located in the Olkaria region to Bitcoin miners. Peketsa Mwangi, an official from the company, also stated that they were willing to do so: “We can host them here. We have enough space and resources.”
According to Cointelegraph, although it is possible to say that the company is quite eager in this regard, the news shows that the miners have not yet turned to Kenya. Also, the data shows that the country currently hosts no known mining operations. However, it is stated that the region has an estimated energy capacity of 10,000 MegaWatts, which could turn Kenya into an ideal location for miners.
Finally, it is stated that such a situation may be important to increase the sustainability of cryptocurrency mining. It is also said that the miners’ turn here could be beneficial for Kenya, as it could increase overall supply and reduce costs. According to 2021 data, the country has the 12th most expensive electricity in the world, with a kilowatt-hour (KWh) costing $0.22.