"Bitcoin miners are looking outside the box. As we see places like New York looking to put a moratorium on certain mining operations, the companies are looking for alternatives. It makes sense that they would consider Kenya," said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

"We have the space and the power is near, which helps with stability," said KenGen Geothermal Development Director Peketsa Mwangi during an energy forum.

"This illustrates something that the twenty-one human rights activists described in their open letter to US officials --- there's merit to the theory that the mining of Bitcoin is furthering the agenda of sustainable energy," Gardner said.

"This letter is meant to help policymakers see that Bitcoin is valuable for tens of millions of people around the world. Beyond the question of practical utility, the most common criticisms of Bitcoin often relate to its volatility and its energy usage... Bitcoin mining accounts for just 0.18% of global energy consumption. While U.S. electricity on average is 39% sustainable (renewable and nuclear), energy used for Bitcoin mining is 58% sustainable. Thus, bitcoin drives more demand for sustainable energy than the typical U.S. energy consumer. Moreover, Bitcoin has a lower carbon intensity than the average equity in a typical American investor's portfolio, such that adding bitcoin can actually reduce the carbon footprint of one's investments," the letter stated, in part.

"The idea that solutions are either pro-environment or pro-Bitcoin are absurd. This is an area where we need to think outside the box. Blockchain technologies, including digital assets, are fundamentally changing the way the world does business. And, they're still in their early stages. Now is the time to come together with the industry and find ways to promote innovation in a sustainable way," said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry's most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world's most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

"It seems like we've been talking about Bitcoin and cryptocurrencies forever, but the reality is that we're still in the early stages of the industry. There's lots of innovation waiting to be discovered, whether in the realm of mining and energy consumption or exchanges and other alternatives, such as crypto derivatives," noted Gardner. "There's still so much more to come."