Topic: Kenyan energy company entices Bitcoin miners with geothermal power - page 3. (Read 390 times)
June 03, 2022, 09:49:36 AM
The offer made by Kenyan energy companies does provide an alternative choice for miners. However, to prove that the energy produced can provide a commensurate benefit, it is clear that a trial must be carried out first by a representative of the company itself as a form of proof of its effectiveness. Not as well as offering it, while other factors are not considered properly. Taxes, location, temperature, and also shipping costs of mining goods. The investor would obviously be in dire need of evidence they could consider before going any further.
June 03, 2022, 09:09:25 AM
The first thing that comes to my mind when it comes to Africa and crypto mining are the temperatures that are actually very high in most of Africa which I guess raises the price of mining due to the extra cooling of the mining devices.
Yeah, but it's all about the price you get for electricity, throwing air outside is still a fraction of the consumption, 10 cents in Sweden or 5 cents in Arizona and people will choose Arizona, mikeywith is managing to somehow run those damn machines like this
Allow me to praise myself, I did not have to shut down a single gear while temps here been ranging between 104F to 116.6F aka 40c to 47c even at night, many schools and businesses did shut down this week because of this,
If it were that friendly to the domestic entrepreneurs, I think Mining in Kenya or Most African Countries would be a thriving business by now, but it isn't. When they talk about crypto Mining, you will hear about Asia (Mostly China). Europe and North America. Africa and South America rarely come up in the
mining conversations,
mining conversations,
I have a feeling South America will definitely take the 3rd sport from Europe if it hasn't done so already, Europe has no cheap power while there is a ton in South America.
https://bitfarms.com/app/uploads/2021/04/2021-04-19-Bitfarms-Final-Press-Release-Argentina-Expansion.pdf
Renewable energy is the best as it saves energy cost and consumption. This will mean more miners and less cost for transaction validation and confirmation.
It doesn't work like that, the cost of mining has nothing to do with the fx fee.
The only thing the cost of mining determines is the revenue and profit of miners, dictating so how big the hashrate is.
The cost of each tx is influenced only by the activity on the network, there are 100tx in the mempool you can get a confirmation with 1 sat, and there are 100MB of more than 10sat/b prepare to wait, quite a bit.
June 03, 2022, 08:54:36 AM
Renewable energy is the best as it saves energy cost and consumption. This will mean more miners and less cost for transaction validation and confirmation. Miners could consider this invite worth considering so that the high electricity consumption and carbon emission as Kenya happen to be the crypto hub of Africa miners can make a worthy use of this offer
June 03, 2022, 08:40:50 AM
When it comes to technological advances in Africa you will mention either Kenya 🇰🇪 or Ethiopia 🇪🇹 as the technological hubbs of Africa, their major advantage is the climate conditions in both countries have low degree of weather conditions, despite being located in Africa that is natural hot and the climate conditions is harsh and unfriendly to most heating equipment Kenya on the other hand have very cool weather conditions and will be suitable for Bitcoin mining so having a power source that is generated through renewable energy will serve as a plus to the environmental and energy consumption concerns associated to Bitcoin mining from it critics, if there any success to this development then kenya is going to be if not the first country in Africa to house a Bitcoin mining farm i wish other African countries will follow the same footsteps in adopting cryptocurrency in other to tap into it revenue advantage to their economy and the welfare of it citizens.
June 03, 2022, 07:23:26 AM
Bitcoin is going more green, see a country electricity producer calling out for crypto miners to come to their country for crypto mining to mine with green energy, the electricity producer in Kenya, KenGen said 86% of their electricity generation are generated from renewable source.
I know that one of the fast booming countries in cryptocurrency is Kenya in Africa continent and its one of the countries that has it higher population numbers engaged in crypto despite the insorbodinate hands of the government to adopt or encourage the youth in cryptocurrency adoption, same law and restriction is as well observed in Nigeria where the populous youth engage in bitcoin using p2p despite the ban from the government denying it commercial banks from any cryptocurrency payments or transactions been carried out.
since the governments are not in support neither are they ready to give hand to cryptocurrency adoption then it will be a thing of joy having the private sector taking over, this development in Kenya is of a good advantage to both the crypto industries and the electricity producing company KenGen, the solution long awaited on bitcoin energy consumption is through the use of renewable energy source but miners lack the support to how this can be realized because of the capital and technical requirements, but Kenya will begin to mark a new ground that could increase it chances for adoption with this development.
June 03, 2022, 06:44:25 AM
The first thing that comes to my mind when it comes to Africa and crypto mining are the temperatures that are actually very high in most of Africa which I guess raises the price of mining due to the extra cooling of the mining devices. But I looked at how Kenya stands on this issue and it seems that the location of the plant is still in a more temperate climate zone so the whole thing makes some sense.
Yeah, speaking from experience too, it's the second coldest African country I've lived in (Ethiopia's frigging cold in winter). Compared to rest of Africa is much cooler in Kenya due to elevated land (for me, relatively anyway, from Southeast Asia, Kenya or at least Nairobi areas, it's really chilly. Right now actually 15 degrees Celcius, which is cooler than most air-conditioned places in SE Asia). Also it seems to be getting weirdly cold there -- 2 years ago massive hailstones destroying crops all around, snow occasionally since mid-2000s. So maybe it's less of an issue there (possibly even slightly more advantageous than in other parts of low-land Africa).
June 03, 2022, 06:36:58 AM
The move may not attract foreign investors, but it will encourage some domestic entrepreneurs to try to make money.
If it were that friendly to the domestic entrepreneurs, I think Mining in Kenya or Most African Countries would be a thriving business by now, but it isn't. When they talk about crypto Mining, you will hear about Asia (Mostly China). Europe and North America. Africa and South America rarely come up in the mining conversations, probably because it's barely a business venture there due to;1. High power prices
2. Very high taxes on mining equipment imports and that revenue ends up in corrupt individuals pockets
3. Instabilities in different regions
4. No wide spread knowledge about Bitcoin mining yet
June 03, 2022, 04:42:33 AM
The first thing that comes to my mind when it comes to Africa and crypto mining are the temperatures that are actually very high in most of Africa which I guess raises the price of mining due to the extra cooling of the mining devices. But I looked at how Kenya stands on this issue and it seems that the location of the plant is still in a more temperate climate zone so the whole thing makes some sense.
The move may not attract foreign investors, but it will encourage some domestic entrepreneurs to try to make money. Success will, as always, depend on the price of energy and the level of corruption - because the greater the corruption there are many more interests that need to be met.
The move may not attract foreign investors, but it will encourage some domestic entrepreneurs to try to make money. Success will, as always, depend on the price of energy and the level of corruption - because the greater the corruption there are many more interests that need to be met.
June 03, 2022, 03:41:37 AM
Quote
Despite his enthusiasm, there have not yet been any reports of miners looking to go to Kenya.
Which brings us to the obvious question each miner will ask first: "how much is the
kwh?" And the answer for this might be quite in reach since if it were in the low 3-5 range miners would have been already there, if there aren't any it's obvious it wasn't competitive enough.
Selling energy directly from the source might help cut a bit of the extra expenses but it's all about the end prices, and lets not forget taxes on both profit and imports.
June 03, 2022, 03:23:39 AM
It's great to see that a company where Kenya government holds 70% ownership, is calling out miners to setup their mining facilities in their country. I never knew that Kenya is a crypto friendly country. But it seems their tourism business was hit hard due to the covid restrictions and they have realized that they need additional sources of revenue.
It's encouraging amidst the ongoing global concerns against crypto mining which is thoroughly baseless and probably funded by banking institutions. Way to go Kenya.
It's encouraging amidst the ongoing global concerns against crypto mining which is thoroughly baseless and probably funded by banking institutions. Way to go Kenya.
June 03, 2022, 03:07:27 AM
https://cointelegraph.com/news/kenyan-energy-company-entices-bitcoin-miners-with-geothermal-power
Bitcoin is going more green, see a country electricity producer calling out for crypto miners to come to their country for crypto mining to mine with green energy, the electricity producer in Kenya, KenGen said 86% of their electricity generation are generated from renewable source. Bitcoin mining is becoming a business in the world that some organizations in a country see that they can make profit from. This will favour Kenya government in earning from bitcoin mining.
Quote
The country’s main electricity producer has issued a general invite for Bitcoin miners looking to take advantage of its renewable energy facility near the capital, Nairobi.
Kenyan energy company KenGen has put out a call to Bitcoin miners to move nearby and buy its excess renewable power capacity.
KenGen claims 86% of its energy is generated from renewable sources, mostly geothermal from pockets of ground source heat in the Great Rift Valley. Local news outlet The Standard reported that KenGen has space at its new industrial park in Olkaria, near its flagship geothermal power station, which could be rented to Bitcoin (BTC) miners.
The Acting Director of geothermal development at KenGen Peketsa Mwangi said that his company was willing and eager to have the miners call Kenya home.
Kenyan energy company KenGen has put out a call to Bitcoin miners to move nearby and buy its excess renewable power capacity.
KenGen claims 86% of its energy is generated from renewable sources, mostly geothermal from pockets of ground source heat in the Great Rift Valley. Local news outlet The Standard reported that KenGen has space at its new industrial park in Olkaria, near its flagship geothermal power station, which could be rented to Bitcoin (BTC) miners.
The Acting Director of geothermal development at KenGen Peketsa Mwangi said that his company was willing and eager to have the miners call Kenya home.
Bitcoin is going more green, see a country electricity producer calling out for crypto miners to come to their country for crypto mining to mine with green energy, the electricity producer in Kenya, KenGen said 86% of their electricity generation are generated from renewable source. Bitcoin mining is becoming a business in the world that some organizations in a country see that they can make profit from. This will favour Kenya government in earning from bitcoin mining.
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