MARA CEO says 4 GW mining capacity can shift to AI data centers

MARA is pushing further into AI infrastructure, with CEO Fred Thiel saying the company’s more than 4 gigawatts of power capacity can be used across Bitcoin mining and AI data centers and that AI workloads generate higher revenue per unit of electricity than mining. Thiel said MARA is partnering with Starwood Capital to convert existing mining facilities into AI data centers while continuing to mine Bitcoin until that power is reassigned. Thiel has said electricity is the largest cost for miners and argued that the ability to redirect energy capacity gives MARA flexibility to monetize sites during the transition. The move reflects a broader push by some miners to repurpose power-rich infrastructure for artificial intelligence computing, where demand for energy-intensive data center capacity has grown. He also said he remains constructive on Bitcoin but has tempered his expectations for the asset. Thiel described Bitcoin’s main weakness as a lack of return and said that, absent geopolitical crises or severe inflationary pressure, it is more likely to function as a store of value indexed to inflation than deliver what he characterized as unrealistic extreme price gains. On MARA’s balance sheet, Thiel said the company’s sale of about 20,000 Bitcoin was part of treasury management rather than a strategy to operate as a digital asset treasury company. He said the proceeds were used to repay discounted bonds and reduce debt.