Key Takeaways MARA’s Fred Thiel said that AI earns more per electron than bitcoin mining. MARA targets 1 GW near-term and 2.5 GW later, showing power assets now drive miner value. MARA will keep mining cheap energy as Hut 8’s $19.6B AI leases shape the industry’s next move. MARA Rethinks Its Power Portfolio as AI Margins Outpace Bitcoin Mining Power, not mining machines, is becoming the defining asset in the Bitcoin mining industry. MARA CEO Fred Thiel said electricity used for artificial intelligence infrastructure can generate substantially better returns than the same power devoted to bitcoin mining. That gap is …