Marathon CEO Thiel Fred Suggest Incentivization for BTC Miners

Marathon Digital Holdings CEO Fred Thiel who was appointed more than a year ago is suggesting that Bitcoin (BTC) miners should be incentivized to use renewable energy by United States regulators. Thiel’s suggestions came right after the White House released its report on crypto mining and the environment which had been working on for a while now. 

Additionally, he mentioned that the miners should also receive disincentives for fossil fuel-based sources. Thiel re-emphasized that “If you provide an incentive for miners to co-locate behind the mediator at renewable energy plants, then miners are going to move there.”

The Marathon Digital boss is positive that his suggestions will be duly considered by the mining community and regulators. Thiel believes that his company serves two functions. One is as a customer for renewable energy stations and the other provides the grid access to a large amount of power that it can turn to when the need arises.

Marathon Digital Models Future Mining Standards

Thiel’s Marathon Digital is one of those top miners who seek to reduce the number of carbon emissions due to crypto mining. At the beginning of Q2, the company revealed its plan to be carbon-neutral.

To that effect, Marathon Digital began to make plans to move its coal-powered Montana-based mining facility to other locations which utilize non-carbon energy sources which are sustainable in the long run.

It later made West Texas one of such locations. The West Texas mining facility was established close to a wind farm which has a connection to the grid for periods of inactivity. 

In light of this, Thiel attested to the fact that Marathon Digital is a model for the mining industry. Speaking of his company, he said “Unlike other miners who may be on the grid just sucking energy off the grid in competition with consumers, we do it behind the meter. It’s more symbiotic to the grid versus parasitic.”

Likewise, in response to the White House reports, Thiel said “regulators, I think, are educating themselves. They’re learning about Bitcoin mining. The understanding of what proof of work is and why proof of work is superior to proof of stake is slowly starting to permeate. But it takes time.”