Kenya wants to attract Bitcoin mining companies with geothermal energy

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By TP

The president of Kenya, William Ruto, assured that he is willing for the African country to open its space to bitcoin (BTC) miners as part of a strategy to attract investors by financing the energy needs of the sector. The president made this announcement within the framework of a business event of the United States Chamber of Commerce (AmCham) held a few days ago in Nairobi, the capital of Kenya, and aimed at international investors. There, he noted that he is interested in establishing associations that contribute to improve the country's finances. As reported by local media, Ruto confirmed that they have held meetings with companies in the bitcoin mining sector. to invite them to know the policies established in Kenya regarding the industry. «Marathon Digital, one of the largest mining companies in North America, has been asked to consult with the Treasury and the Ministry of Energy on the cryptocurrency regime we have in place, and then discuss energy needs in relation to cryptocurrency mining », he noted. In this sense, he cited the special economic zones program implemented in the country. “A targeted package of very attractive fiscal, infrastructure, procedural and regulatory incentives that have led to a steady increase in Kenya's global attractiveness as an investment destination.” In this context, Kenya offers companies that mine cryptocurrencies a surplus of geothermal energy to help them meet their energy needs. With this objective, through the state electricity company KenGen, work is being done on the installation of miners in an energy park at the company's main geothermal power plant. KenGen processes geothermal energy, which is obtained by harnessing the heat from within the Earth, and uses it to generate electricity. With this clean energy, the company wants to promote bitcoin mining, also seeing it as an opportunity to reduce carbon emissions. “We have the space and the energy, which helps provide stability for miners,” Peketsa Mwangi, director of geothermal development at KenGen, said during an energy forum last year. The idea is to take advantage of the extraction of cryptocurrencies so that the country diversify your income stream, adding the sale of energy surplus to the resources obtained from other traditional industries such as agriculture and tourism. With this, they would have an alternative source that will depend less on external factors such as climatic conditions or global economic fluctuations, explained the Kenyan president. This is a government position that contrasts greatly with the line of thought that was held in 2015. As reported by BitcoinDynamic, during that year the Central Bank of Kenya made several warnings against bitcoin and cryptocurrencies. At that time, the agency warned Kenyans against cryptocurrencies, reminding that the digital currency was not legal tender in the country. He insisted that bitcoin users had no legal protection and the government offered no guarantees for that investment.