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KENYA POWER COMPANY KENGEN EXTENDS AN OLIVE BRANCH TO BELEAGUERED BITCOIN MINERS

KENYA POWER COMPANY KENGEN EXTENDS AN OLIVE BRANCH TO BELEAGUERED BITCOIN MINERS 

In July 2021, Beijing shut down the bitcoin (BTC) mines to support the government's policy of carbon neutrality by 2060.


The result of the ban was a large increase in bitcoin mining throughout the US, which led to the US becoming a major bitcoin mining country.


Last month, FX Empire reported on China returning to become the second largest bitcoin mining country. The move to second place came despite Beijing's ban.


As Beijing may be heavily involved in mining and US lawmakers have also taken steps to curb the rising trend of proof-of-operation mines, miners may need to consider other options.


Power Company KenGen Is Looking To Seduce Bitcoin Mining Companies

On Thursday, news reached the lines of Kenyan power producer KenGen, seeking to provide additional geothermal power to bitcoin mining companies.


In terms of KenGen power generation, 39.2% is geothermal, and 45.3% hydro. Temperature (14.1%) and Wind (1.4%) do the rest.


KenGen reportedly plans to allow miners to establish a power park at the Olkaria Geothermal Project, located within Hell's Gate National Park 120km from Nairobi.


Geothermal energy is the natural heat of the earth's crust, which KenGen emits to generate electricity.


KenGen sees clean energy for bitcoin mining as an opportunity to reduce carbon emissions from carbon-based energy sources.


KenGen Geothermal Development Director Peketsa Mwangi reportedly said,


"We have space and energy nearby, which helps stabilize."


According to the Cambridge Center for Alternative Finance, African countries hold a negligible percentage of the hashrate of global mining.


As of January 2022, Libya (0.14%), Egypt (0.02%), Angola (0.01%), and South Africa (0.01%) were the largest mines on the African continent. Sudan, Morocco, Algeria, Ghana, Nigeria, Cameroon, Angola, Zimbabwe, and Kenya have a small number of bitcoin mines.


KenGen Olive Branch Comes At The Right Time For Bitcoin Mining

In January, U.S. lawmakers issued evidence of bitcoin activity and mining in particular. Democrats are taking the form of anti-bitcoin to support the natural principles of US President Joe Biden.


Since then, there has been a lot of scrutiny about the evidence-proof mines.


This week, the New York Senate passed a bill banning new crypto mining companies from gaining power over carbon offsets.


In April, FX Empire announced a new bill that aims to push bitcoin miners into renewable energy.


U.S. lawmakers have also called on the Environmental Protection Agency to target companies that violate environmental laws.


The result was somewhat better for bitcoin miners in the Eurozone. Legislators have voted against the proposed ban on proof of mining operations. The ban would lead to a direct ban on bitcoin and Ethereum (ETH), among others.


Access to geothermal power in a crypto-friendly environment will be well received. Rising fuel prices have added to the rush to find more energy sources.

Source: yahoo




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