The Pomp Podcast Largest Bitcoin Miner Predicts Next Bitcoin Bull Run | Fred Thiel
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Feb 12, 2026 Fred Thiel, CEO of Marathon Digital and a leader in bitcoin, energy, and data center infrastructure. He discusses energy constraints from AI and bitcoin. Powered land’s rising value and why infrastructure owners win long-term. How miners adapt by shifting toward AI and the effects of cheaper mining hardware and international expansion.
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Timing Beats Cost For Hyperscalers
- Hyperscalers urgently need powered land with capacity already energized and permitted to win the capacity war.
- Fred Thiel says timing to have GPUs running matters more than build cost because operational capacity drives market share.
Grow International Where Power Is Cheap
- Expand Bitcoin mining internationally where power is cheaper and AI demand is lower to capture better economics.
- Fred Thiel recommends converting US capacity toward AI/HPC and growing Bitcoin mining outside the US.
Terahash Prices Have Collapsed
- Mining rig cost per terahash has collapsed to historically low levels due to oversupply and weak demand.
- Fred Thiel notes rigs trade for about $8–$9 per TH versus ~$80 per TH at 2021 peak.