Sovereign Cloud vs Hyperscaler Economics

MARA’s Fred Thiel joins the Mining Pod to discuss the company’s AI and HPC plans, bitcoin, and the future of edge computing.

Subscribe to the Blockspace newsletter for market-making news as it hits the wire!

Welcome back to The Mining Pod! Today, Fred Thiel, CEO and Chairman of MARA (formerly Marathon Digital Holdings), joins us to talk about MARA's strategic pivot toward AI and HPC infrastructure, the critical importance of energy ownership over PPAs, inference at the edge computing, MARA's partnerships with MPL and Exaion in Europe, and why Bitcoin's path to $1M will be harder than most think as the asset matures and institutionalizes.

Notes: 

• $1.4T AI spending planned over next 5 years

• MARA owns energy vs paying PPAs for electrons

• Many HPC contracts have strict delivery outs

• Bitcoin no longer follows 4-year cycle pattern

• 10% Bitcoin price change = $200B market move

• MARA has ~250 employees currently

Timestamps:

00:00 Start

04:05 Q3 look back

13:13 Inference at the edge

20:22 Sovereign cloud

27:13 MARA: hash cost vs hash price

29:33 Valuations not reflecting risk

33:22 MARA: value accretion

34:39 Operational deployment

37:07 Asset light vs hosting

41:47 Exaion deal

46:15 MPLX deal (natural gas )

50:22 CapEx costs

50:53 MPLX deal structure

56:23 CTO & 2PIC

1:01:28 Share dilution

1:12:31 What are you reading?

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!