The David Lin Report Bitcoin Miners Dumping BTC? Mara CEO Fred Thiel On AI Pivot, Next Price Breakout
Dec 12, 2025
Fred Thiel, CEO of Marathon Digital Holdings and a key player in Bitcoin mining, discusses the reasons behind Bitcoin's November price drop, attributing it to risk factors and market movements. He reveals how Marathon is innovatively pivoting to AI without heavily relying on selling Bitcoin like rivals. Thiel elaborates on their modular AI strategies, low-cost energy sites, and the company's expansion plans, while also touching on the competitive landscape between Bitcoin miners and the AI sector.
AI Snips
Chapters
Transcript
Episode notes
Why November's Bitcoin Drop Happened
- November's selloff was a compounding macro and on-chain event that triggered risk-off dynamics.
- Fred Thiel links rate moves, unwind of Japan carry trades, whale transfers and leveraged positions to the pullback.
Convert Mining Sites To Higher-Value Compute
- Consider converting mining sites into AI or hybrid sites to capture higher-value compute revenue.
- Explore leasing to HPC developers, building GPU capacity, or running containerized inference at existing sites.
Mining Profitability Is Multi-Factor
- Mining economics depend on block rewards, global hash rate and energy costs, not just halving.
- Thiel estimates industry average breakeven around $60k per BTC and highlights advantage of owning sites vs. hosted models.