Nairobi — Kenya has been ranked the sixth-most crypto-friendly country in Africa, with 5.1 percent of the population holding crypto.

According to a report released by Crypto Casinos, Kenya was further ranked 46th out of the 50 leading crypto-friendly countries internationally, with a score of 56.08 percent.

The report highlighted that the cost to mine one bitcoin in the country is $83,002, with the profit of mining the coin being $17,094, and 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 noted.

Nigeria was ranked as the leading horse in the continent and 16th globally with a score of 65.67 percent, closely followed by South Africa, which was ranked 17th globally with a score of 64.67 percent.

Egypt emerged third on the continent and 28th globally with a score of 61.33 percent, followed by Algeria, which was ranked 37th globally with a score of 59.11 percent, and Ghana, which was ranked 45th globally with a score of 56.31 percent.

Internationally, Argentina emerged as the world's most crypto-friendly country, with an overall score of 74.49 percent. CryptoCasinos attributed this victory to the low energy costs in the country, which they say have made it possible for high profits to be made.

Globally, there has been a significant increase in cryptocurrency ownership. According to the report, crypto ownership skyrocketed from 432 million to 580 million in 2023.

"While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries," it stated.

Argentina was followed by the United States, Colombia, Ukraine, the United Arab Emirates, Vietnam, Turkey, Canada, Singapore, and Pakistan.