Capital flows have been busy chasing. How are you going to feed the Open AI Beast? You know,

$1.4 trillion of spending over the next five years, which flows down through the Googles and Microsofts. But if you look at all these agreements, you know, they have to energize by a certain date or else forget it. And then when you look at the financing of these deals, these backstops are not with the parent. The SPV is the entity that has to take on all of the obligations.

And so I think the economics of this business are still being... These backstops are not with the parent. The SPV is the entity that has to take on all of the obligations.

And so I think the economics of this business are still being created. And just like the internet boom in the late 90s, early 2000s, people think it's a capacity game when in reality it's not. This is no longer a business where it's all about hitting an ex-a-hash goal. It's really a question about controlling and owning lots of amounts of power. The ownership of electrons is key in this. You know, if you sign up and you have a PPA at whatever, 8, 10, 12 cents, and you have land and you're going to build this site for a hyperscalor, you don't own the electrons. You simply have a contract to purchase electrons. If you believe that electrons are the new oil, then you want to own the oil

wealth. As long as you are paying a PPA, you are a slave to an energy generator.

Welcome back to the mining pod, presented by CleanSpark, America's Bitcoin Miner. On today's show,

we are joined by Fred Thiel. He is the CEO and chairman of Mara, formerly known as Marathon Digital Holdings.

The largest publicly listed Bitcoin miner by HAST rate in North America, Mara has been one of

the slower movers in the gold rush to AI and HBC infrastructure. While stocks like Iron and

Seifer have seen tremendous re-rating due to their focus on servicing customers like Google, OpenAI,

and CoreWeave, Mara has instead focused on Bitcoin mining and continue to grow out its

portfolio of energy assets. That is until the Q3 earnings, where we saw Mara announced

multiple initiatives to capture land in the digital gold rush for AI and HBC.

We sat down with Fred to discuss its multiple moves into his market, what he terms as

inference at the edge, including its deal with MPLX, a subsidiary of Marathon Petroleum,

its deal with Exeon, a subsidiary of EDF in Europe, and of course, the current usage of its Bitcoin mining portfolio using it as a

bridge gap in order to move into AI HBC. We've got a great podcast 60 minutes long. Stay tuned,

stay put. Guys, there is a serious problem right now in Bitcoin mining and we need to talk about it.

You need to pay attention to this. Bitcoin miners are

identifying as AI companies and people keep mis-sectoring them because they say, well, look,

your infrastructure is clearly for Bitcoin mining. What do you want me to do about it? I'm going to tell

you what you need to do. You need to call F-box, the leading digital infrastructure company

...