Largest Bitcoin Miner Predicts Next Bitcoin Bull Run | Fred Thiel
The Pomp Podcast
Anthony Pompliano
4.6 • 2K Ratings
🗓️ 12 February 2026
⏱️ 20 minutes
🧾️ Download transcript
Summary
Fred Thiel is the CEO of Marathon Digital and a leading voice at the intersection of bitcoin, energy, and data center infrastructure. This conversation was recorded live at Bitcoin Investor Week in New York. In this conversation, we discuss the growing energy constraints driven by AI and bitcoin, why powered land is becoming increasingly valuable, and how bitcoin miners are adapting by shifting toward AI. Fred also explains the impact of falling mining hardware costs, international expansion, and why long-term value will accrue to companies that control energy and infrastructure.
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- 0:00 - Intro
- 0:19 - Is there enough energy for Bitcoin & AI?
- 4:50 - Why mining hardware is cheaper than ever
- 6:16 - The future of data centers & energy
- 10:27 - How investors should think about bitcoin, AI, & energy
- 15:03 - The biggest risk in infrastructure
Transcript
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| 0:44.9 | If you look at Bitcoin mining, it costs you a little over a million dollars a |
| 0:48.3 | megawatt for infrastructure and miners. |
| 0:50.6 | Infrastructure alone in the data set in the world is 12 million a megawatt. |
| 0:55.5 | The amount of compute that is deployed today versus what will be deployed in five years, it's never getting shut off. |
| 1:01.2 | And one word of warning from an investment perspective. All right. You run a very interesting business |
| 1:07.1 | that has a lot of components and inputs. You have hardware. You have energy. You've got |
| 1:11.0 | Bitcoin. You've got hash right. I mean, you've got a lot of stuff going on that you've got to |
| 1:14.4 | figure out how the hell do I navigate all this stuff. Maybe a great place to start. Let's just start with |
| 1:18.6 | the energy. Everywhere that I read online, energy is not going to be enough availability |
... |
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