AI Supersedes Mining as MARA Redirects Funds

The CEO of MARA, Fred Thiel, believes that investing in artificial intelligence (AI) is more profitable than Bitcoin mining due to the current energy resource shortage and growing demand for computing power. In an interview, he emphasized that MARA will continue to mine Bitcoin only if there's no shortage of electricity for AI development.

The company has been redirecting its funds towards expansion in the AI sector, selling over 20,000 BTC in the past year to cover debt obligations. Thiel noted that by the end of 2023, MARA became one of the largest miners in the world and started buying back hosting sites for its equipment at a cost lower than their replacement value.

The CEO believes that electricity has become a key factor in technology development, with AI providing a higher economic return than traditional crypto asset mining. He pointed out that building modern data centers for AI can take up to two years and often some mining equipment remains at the locations even after new centers are launched.