MARA Abandons Bitcoin Mining for AI Data Centers

MARA Holdings' CEO Fred Thiel has made it clear that AI data centers are generating more revenue than Bitcoin mining, prompting a major strategic shift for the company.

The math behind this pivot is straightforward: AI workloads can generate approximately $25 per kilowatt-hour (kWh), compared to Bitcoin mining's returns of around $0.20-$.30 per kWh, according to industry figures cited by MARA.

To capitalize on this, MARA has partnered with Starwood Capital Group to repurpose its existing mining sites into AI and high-performance computing infrastructure, targeting an initial capacity of roughly 1 GW with plans to scale beyond 2.5 GW.

The company's stock surged 17% on the news, reflecting investor confidence in this new direction.