AI Data Centers Outpace Bitcoin Mining on Power Returns

MARA CEO Fred Thiel says artificial intelligence data centers now generate more revenue per megawatt than Bitcoin mining.

The difference in costs is substantial, with Bitcoin mining costing $1 million per megawatt versus $10-15 million for AI infrastructure.

This shift has led MARA and its peers toward AI data center development, as electricity becomes the industry's most critical resource. Thiel emphasized that companies will eventually need to become power providers themselves or build close partnerships with electricity suppliers to remain competitive.

The transition won't happen immediately, as Bitcoin mining will continue until AI construction requires full electricity allocation. MARA's CEO described Bitcoin as primarily a store of value rather than currency, appealing to investors seeking inflation protection during devaluation or geopolitical conflict.