Nairobi Based KenGen Allows Bitcoin Miners To Take Benefit From Renewable Energy
The geothermal power that is available to them now could see Bitcoin miners flooding to Nairobi. This power source is made available by an energy company and miners are urged to buy it.
KenGen runs a renewable energy facility at Olkaria in Nairobi. This facility has enough space for bitcoin miners to open a shop. It is also close to the geothermal power plant.
It produces 86% energy from renewable sources, primarily from Great Rift Valley’s ground source heat. The company is asking miners to come flood into Kenya and use the power. Peketsa Mawangi, director of geothermal development, stated that the company is looking forward to supporting stability in Bitcoin mining via this invitation.
Reports of miners reacting to the news have not been made. According to reports by the Cambridge Bitcoin Electricity Index, there had been no mining operations in Africa before this.
Kenya offers a viable option for miners looking for energy sources to mine. It can produce 10,000 megawatts of geothermal power. After its April installation, KenGen boasts 863 MW.
What benefits will follow Bitcoin miners’ move to Kenya?
Many benefits will accrue to the Kenyan government, miners and KenGen if they are able to attract Bitcoin miners from Kenya. One such benefit is the ability to mine in a safe environment.
This will ensure that miners have a stable environment to work in, rather than being subject to the chaos caused by the Chinese government.
Let’s not forget that China rose last Year to decrease crypto mining activities within its state. Excessive energy consumption was the reason. In search of a more conducive environment, miners had to leave the country and move to the USA. If they accept the invitation, it is a welcome step.
The energy company also benefits. The move will help develop the company’s power grid, increase supply and lower electricity prices. Statista states that Kenya’s 1-kilowatt-hour power cost is $0.22. This is higher than in any other country. It is due to inability to connect completely to the centralized grid which can be expensive.
This is a chance for Kenya’s government to generate more substantial revenues. First, the miner will have to pay taxes and fees for their activities within the country. According to sources the Kazakhstan government plans to make at least $1.5 million from the miners over a five-year period.
There will also be more crypto adoption and investment in Kenya. The citizens are currently involved in crypto investments through P2P transactions. The central bank of the country is also investigating a CBDC.
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