Bitcoin Mining: A Zero-Sum Game
Update: 2025-11-12
Description
Bitcoin mining faces tough challenges: Fred Thiel, CEO of MARA Holdings, warns of intensifying competition, rising energy demands, and shrinking profits. Only those with cheap energy or innovative business models may survive. The global computing power for Bitcoin keeps growing, threatening to make mining unprofitable after the next halving in 2028. Miners are exploring new trends, but nothing concrete has emerged yet. Thiel predicts that by 2028, miners will need to be power generators or partnered with one, marking the end of simple grid-connected mining.
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