Kenya Power Provider To Bring Access To Geothermal BTC Mining

A Kenya Power Provider will bring access to geothermal BTC mining so the miners could establish an energy park at the company’s site in Olkaria power station so let’s read more today in our latest Bitcoin news.

The Kenya Power provider KenGen announced plans to attract BTC miners to use the geothermal energy and the company also said it will provide a surplus of power to the miners. So far, Kenya doesn’t have any crypto mining farms and it is believed that the company will reach out to miners about energy purchases that are situated in the US and Europe the move aligns with the broader industry’s push that seeks to address carbon emission from the mining operations.

KenGen is the leading supplier of electricity in the country and claims to have 86% green energy that is derived from renewable resources and 14% of it is thermal. It hasn’t disclosed more details of the surplus capacity whcih will be issued for the miners but the plan is to have the miners set up an energy park at the company’s geothermal power station in Naivasha which is 123 km from the capital Nairobi. The company’s director Peketska Mwangi said:

“We have the space and the power is near, which helps with stability.”

Tackling climate change is becoming a central point of conversation after china’s biggest crackdown on crypto mining firms. While these entities haven’t shifted their base entirely, most found friendlier jurisdictions in Europe and parts of the US. While Kenya doesn’t host any mining firms, about 10,000 megawatts of geothermal energy capacity makes the nation an ideal hub.

As recently reported, Kenya starts exploring CBDCs and said that they could positively impact the local financial system but the Central Bank even introduced a discussion paper to find out what the general public thinks on the matter. According to the Central Bank of Kenya, launching a central bank currency can flatten the banking structure of the company and can enhance the cross-border payments system. The latter can also become even more efficient and less expensive.

Despite the favorable stance on the monetary product, the central bank released a discussion paper to examine if the locals are supportive and they can analyze both threats and opportunities which a CBDC can bring with it. Those that are willing to participate have until May this year to submit their comments.