CEO MARA: Майнинг биткоинов переживает кризис, выжить смогут только те, кто контролирует энергоресурсы Translation: CEO MARA: Bitcoin mining is facing a crisis, only those who control energy resources will survive.

The Bitcoin mining industry is currently facing a challenging phase due to increasing competition and declining profitability. This was stated by MARA’s CEO, Fred Thiel, in an interview with CoinDesk.

He emphasized that mining operates as a zero-sum game; as new participants boost their mining power, it becomes more difficult for others.

*“Margins are shrinking, and the break-even point is determined by electricity costs,”* Thiel noted.

He believes that the industry is becoming «more mature and competitive,» and only miners who have access to cheap energy or innovative business models will survive.

Many companies are branching into adjacent fields, developing artificial intelligence sectors or establishing infrastructure for high-performance computing. Others are being pushed out by competitors who utilize their own facilities with lower expenses.

*“Equipment manufacturers are launching their own farms because customers are purchasing fewer devices. The global* hashrate* continues to rise, meaning the profitability for others is declining,”* added the MARA head.

Thiel warned that the situation for miners will become even tougher after the *halving* in 2028, when the block reward will drop to 1.5625 BTC. Mining economics will become unsustainable for many unless transaction fees or Bitcoin prices increase.

Ideally, fees were supposed to replace block rewards over time, but this has not occurred, Thiel pointed out. In such conditions, small miners are under significant pressure. He stated that *“MARA’s strategy is to remain in the bottom quartile of mining costs.”*

*“In a compressed market, 75% of competitors should shut down before we do,”* Thiel explained.

He anticipates that the market will self-regulate once miners reach a profitability threshold. He forecasts that by 2028, participants will need to either generate their own energy, become part of energy companies, or partner with them.

*“The days of miners merely connected to the power grid are numbered,”* Thiel concluded.

As a reminder, in November, Riot’s Vice President Josh Kaye referred to Bitcoin mining as *“not a goal, but a means”* for the company.