MARA Holdings CEO: BTC mining faces triple threat from competition, costs, falling revenue

Fred Thiel, CEO of crypto mining firm MARA Holdings, said in an interview with CoinDesk that the industry is entering a very difficult period. He attributed the challenges to a combination of intensifying competition, rising energy costs, and declining revenue. Thiel described Bitcoin mining as a zero-sum game, noting that as more companies increase their mining capacity, conditions become more difficult for everyone else. He also highlighted a growing trend of equipment manufacturers entering the crypto mining space directly as purchasing orders from mining firms have slowed.