Marathon’s Thiel: Regulators should incentivize renewables for bitcoin miners

Marathon CEO Fred Thiel believes U.S. regulators should create incentives for bitcoin miners to use renewable energy and disincentives for fossil fuel-based sources. Thiel’s comments came following a White House report on the environmental implications of crypto mining. In an interview, Thiel pointed to his firm’s operations as a model for the industry.

The company announced earlier this year that it would relocate miners from Montana to new locations with “more sustainable” power sources. One of those is based in West Texas, next to a wind farm with a connection to the grid for periods of inactivity. Thiel argued that the company is serving two functions. First, as a customer for renewable energy stations, and second by providing the grid access to a large amount of power that it can call upon when needed. Thiel also believed that the bitcoin mining.