According to the latest report by Crypto Casinos, Kenya ranks as the sixth-most crypto-friendly country in Africa, with 5.1 percent of its population holding cryptocurrency.
Internationally, Kenya stands 46th out of the 50 leading crypto-friendly countries, achieving a score of 56.08 percent.
The report detailed several metrics, including the cost of mining one bitcoin in Kenya, which is approximately $83,002. Despite the high cost, the profit from mining a single bitcoin stands at $17,094. Additionally, there is a significant interest in cryptocurrency within the country, with a search volume of 153.7 per 100,000 people for crypto-related keywords.
“Research by crypto experts at CryptoCasinos analyzed 10 metrics to determine which countries across the globe have adopted crypto more so than any others, making them the most crypto-friendly nations,” the report stated.
In Africa, Nigeria leads the pack, ranking 16th globally with a score of 65.67 percent. South Africa follows closely, positioned 17th globally with a score of 64.67 percent. Egypt comes third on the continent and 28th globally with a score of 61.33 percent. Algeria and Ghana round out the top five in Africa, ranked 37th and 45th globally with scores of 59.11 percent and 56.31 percent, respectively.
Globally, Argentina tops the list as the most crypto-friendly country, with an overall score of 74.49 percent, driven by the country’s low energy costs, which facilitate high profits. The United States, Colombia, Ukraine, the United Arab Emirates, Vietnam, Turkey, Canada, Singapore, and Pakistan also feature prominently in the top 10.
The report highlighted that crypto ownership surged from 432 million to 580 million in 2023, noting, “While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries.”
