In this candid executive conversation, Fred Thiel joins Salman Khan during the final day of the Bitcoin 2025 conference to reflect on the company’s rapid evolution and strategic direction. From its humble beginnings as a three-person operation, Mara has grown into a multi-billion-dollar enterprise with over 180 employees. Thiel credits this transformation to a relentless focus on vision, culture, and building a high-caliber team. The discussion underscores how MARA has differentiated itself by moving beyond being just a mining company, developing a vertically integrated model that includes energy ownership, advanced technologies, and strategic partnerships.

The duo delves into the company’s shift from an asset-light model to owning and operating 70% of its infrastructure, significantly reducing energy costs and improving efficiency. Thiel emphasizes that energy is the dominant input cost in Bitcoin mining and outlines MARA’s approach to acquiring low- or zero-cost energy through wind farms and flare gas operations. This shift not only lowers the cost per coin but also extends the lifespan of capital equipment, positioning the company as a long-term operator in a volatile industry. Their strategy includes leveraging AI inference workloads and building technology that makes MARA’s mining pool more productive than peers.

Beyond business operations, Thiel offers a broader geopolitical view on why Bitcoin mining is a strategic asset for the United States. He explains that controlling Bitcoin "block space" — the capacity to process transactions — is vital for national economic security. With only 21 million bitcoin to ever exist, and many already lost or inaccessible, nations must ensure their ability to transact. The U.S. government, Thiel notes, has prioritized becoming the dominant miner to prevent adversarial nations from blocking American transactions. Coupled with MARA’s commitment to progress, decentralization, and U.S.-based technological independence, the conversation positions the company as a forward-thinking leader in digital infrastructure.