Fred Thiel is the CEO of Marathon Digital and a leading voice at the intersection of bitcoin, energy, and data center infrastructure. This conversation was recorded live at Bitcoin Investor Week in New York. In this conversation, we discuss the growing energy constraints driven by AI and bitcoin, why powered land is becoming increasingly valuable, and how bitcoin miners are adapting by shifting toward AI. Fred also explains the impact of falling mining hardware costs, international expansion, and why long-term value will accrue to companies that control energy and infrastructure.

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• 0:00 - Intro
• 0:19 - Is there enough energy for Bitcoin & AI?
• 4:50 - Why mining hardware is cheaper than ever
• 6:16 - The future of data centers & energy
• 10:27 - How investors should think about bitcoin, AI, & energy
• 15:03 - The biggest risk in infrastructure