NAIROBI, Kenya – A recent report by Crypto Casinos has ranked Kenya as the sixth-most crypto-friendly nation in Africa, with over 5% of its population actively holding cryptocurrency. This places Kenya at 46th globally, earning a score of 56.08% on the crypto-friendliness index.

The report analyzed various factors to determine a country’s crypto adoption rate. This included metrics like the cost of mining Bitcoin, potential profits from mining, and online search volume for crypto-related keywords.

According to the report, mining one Bitcoin in Kenya costs roughly $83,002, with a potential profit of $17,094. Kenyans also demonstrate significant online interest in cryptocurrency, with a search volume of 153.7 per 100,000 people for crypto-related keywords.

“Experts at Crypto Casinos analyzed 10 data points to identify countries worldwide that have embraced cryptocurrencies the most,” the report specifies.

Nigeria takes the lead on the continent, ranking 16th globally with a score of 65.67%. South Africa follows closely behind at 17th globally with a score of 64.67%. Egypt, Algeria, and Ghana round out the top five crypto-friendly nations in Africa, occupying the 28th, 37th, and 45th positions globally, respectively.

On a global scale, Argentina claims the top spot as the most crypto-friendly country, boasting an overall score of 74.49%. The report attributes this dominance to Argentina’s low energy costs, which supposedly translates to high profits for cryptocurrency miners.

The report highlights a significant rise in global cryptocurrency ownership, jumping from 432 million to 580 million users in 2023. It emphasizes the contrasting approaches taken by governments worldwide: “While many countries have attempted to regulate and restrict these technological advancements, others have embraced and fostered the growth of these new industries.”

Following Argentina are the United States, Colombia, Ukraine, the United Arab Emirates, Vietnam, Turkey, Canada, Singapore, and Pakistan.

Kenya’s position as a leader in African crypto adoption suggests a growing appetite for digital currencies among its citizens. The report’s findings highlight the increasing global acceptance of cryptocurrency and the potential economic benefits it presents. However, it also underscores the ongoing debate surrounding government regulation in this evolving financial landscape.

By Alex Wheeler

Alex is a lead writer at AltcoinsAnalysis, bringing the audience all leading developments in the blockchain industry and the latest trends in the cryptocurrency market.