Uncensored Crypto podcast: episode 4 review

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future.  In the Uncensored Crypto Podcast episode 4, Michael speaks with Fred Thiel. Fred Thiel is the CEO of Marathon Digital Holdings, a Bitcoin mining company that is currently “building America’s leading enterprise Bitcoin miner.” Marathon Digital Holdings trades under the stock ticker $MARA.

What is going on with Marathon Digital Holdings?

Michael opens up the interview by pointing out that Bitcoin recently surpassed all-time highs, and that this is positive crypto news for Marathon Digital Holdings. Thiel agrees, but he also recognizes that a Bitcoin mining operation is unique. His company cannot control the price of Bitcoin, or the global hash rate, but mainly focuses on the cost of power and number of miners deployed. Marathon Digital Holdings is different from other crypto startups because it’s a public company. While other crypto entrepreneurs are busy looking for funding or networking, Fred has to focus on expansion since the company has to consider its shareholders. Thiel does point out that thanks to its partners and scale, Marathon Digital Holdings can sidestep obstacles that would arise in a smaller Bitcoin mining company.

When will the last Bitcoin be mined?

Fred Thiel says that blockchain technology is designed to add one block to the blockchain every ten minutes. In this way, it “self-regulates.” He states that according to this logic, the last Bitcoin will be mined in 2140.  He points out that it can vary, but not by much. As he puts it, “it’s programmed into the code.” Regardless of how much mining his miners do, they currently cannot mine more or less Bitcoin than the 900 Bitcoin mined per day.  Michael also notes that this seems accurate given the fact that the same amount of Bitcoin was produced even amid the Chinese crackdowns on both Bitcoin mining and trading. 

Does Marathon Digital Holdings have international ambitions?

Fred Thiel cannot disclose the company’s long-term plans, but it seems clear that Marathon Digital Holdings has plans for global expansion. He states that he talks to large power providers around the world about potential opportunities, but is waiting to make the right decision regarding when and where to expand.  Fred says that the company’s name, Marathon, clearly hints that the company wants to do “a lot of things, long term.” Obviously, Thiel is interested in a country that embraces crypto, but that isn’t all. He also wants to choose a politically stable country, rather than a government that might legalize Bitcoin and ends up cracking down on it the next month.  Thiel doesn’t seem limited to one region of the world. He thinks that Bitcoin mining could be a catalyst to develop renewable energy sources. Michael points out that crypto can act as a “stop gap” in this way – incentives to create new infrastructure.

Thoughts on NFTs and oracles

Michael steers the conversation towards solving bigger issues regarding censorship and “truth.” Thiel responds that he’s interested in NFTs because they act as a “stamp of authenticity,” or proof of ownership. He believes that the world will soon begin viewing NFTs as more than an investment but as a utility.  Fred Thiel is also clearly interested in oracles, which focus on smart contracts meant to provide objective data. Fred Thiel believes that both NFTs and oracles will be critical for creating “objective truths,” or a more advanced way of fact-checking.  He also adds another interesting point, that NFTs and oracles can help with “information asymmetry”: when a company (or party) has access to specific data, while others do not. He notes that the internet was critical for democratizing this access to information and that NFTs and oracles can serve the same purpose.

What’s next for the Bitcoin mining industry?

Fred Thiel is very clear on what’s next: Marathon Digital Holdings will expand its footprint in the Bitcoin mining industry and continue to add value. He also says that the company is actively thinking about future use cases for Bitcoin, such as “Layer 2, Layer 3, and beyond.” Lastly, Fred has some advice for budding crypto entrepreneurs. Michael asks where someone should start if they are hoping for a career within the Bitcoin ecosystem. Thiel thinks that the biggest opportunities are in the Layer 2 network and tokenization technology.

Quote of the episode

It wouldn’t be a podcast review if we didn’t leave you with a final captivating quote:

“We’re, today, where the Internet was in 1997, but we’re moving a lot faster, linear, year by year, than the Internet did.”

Check out the full audio of the Uncensored Crypto Podcast episode 4 on Spotify here, on Apple here, and hit that subscribe button if you feel inspired by what we’re sharing!