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In a global broadcasted panel, industry experts discussed the challenges and opportunities surrounding Bitcoin mining within the context of environmental, social, and governance (ESG) concerns. The dialogue acknowledged the swift rise of ESG considerations impacting the Bitcoin mining space, leading to uninformed policy decisions by governments and affecting the capital markets for miners seeking investment. The experts emphasized the urgent need for addressing sustainability issues to unlock the immense interest of institutional investors, such as pension plans and sovereign funds, which are currently hindered by negative perceptions. Proposed solutions encompassed embracing green energy sources for mining, exploring the creation of sustainable Bitcoin funds, and forming industry collaborations to improve transparency and communication around mining practices.

On this podcast, Fred Thiel, a seasoned technology executive with over 25 years of experience, discusses his background and his role as CEO of Marathon, one of the largest Bitcoin mining companies. Thiel's expertise spans various sectors, including fintech, and he joined Marathon's board in 2018 to aid its transition into Bitcoin mining. He highlights the transformative potential of blockchain, drawing parallels to the democratization of information brought by the internet. He emphasizes the need for professionalization and good governance as Bitcoin mining operations evolve into billion-dollar revenue companies. Marathon's focus is on expanding its hash rate production, aiming to surpass 10 exahash by Q1 next year from its current 2 exahash. Thiel also discusses the company's journey towards carbon neutrality, initially seeking sustainable mining methods but pivoting to full carbon neutrality due to financial institutions' unwillingness to pay extra for sustainable Bitcoin. He envisions the Bitcoin ecosystem maturing and introducing financial products based on derivatives and hash rate, fostering a new asset class for institutional investors. Thiel's proactive approach towards industry collaboration and transparency shows his commitment to the responsible growth of both Marathon and the Bitcoin mining sector.

Marathon Digital Holdings, a NASDAQ-listed Bitcoin mining company, made waves in the cryptocurrency industry with its recent purchase of 103,000 S19 miners from Bitmain, signifying a significant boost in hashing power. This move positioned them as a major player in Bitcoin mining, accounting for nearly seven percent of the blockchain network's hashing power at the time. What set Marathon apart was their strategic partnership with a utility company, securing a remarkably low power rate of 2.8 cents per kilowatt. This cost-efficiency allowed them to produce Bitcoin profitably, with each coin costing around $3,500 to mine. Notably, Marathon launched its own mining pool in North America, focusing on producing OFAC-compliant Bitcoins—a unique offering that attracted institutional investors looking for regulation-compliant assets. With a substantial cash reserve and a significant Bitcoin holding, Marathon's strategy included holding onto these assets, making their stock a distinctive investment option for those seeking exposure to Bitcoin's value.