MARA warns that national security is at risk without Bitcoin dominance through mining operations and strategic reserves.
The company highlights the narrow gap between US and Chinese Bitcoin holdings, urging the development of domestic mining capabilities.
Will China once again become a danger for US mining operations?
Wall Street Bitcoin mining giant MARA Holdings (NASDAQ: MARA) issued a stark warning about the United States' need to secure dominance in Bitcoin holdings and mining operations. The company framed this as a critical national security imperative in the wake of growing global competition.
MARA Urges US Government
to Secure Bitcoin Dominance
The Fort
Lauderdale-based company, formerly known as Marathon Digital
Holdings, highlighted that the US currently holds approximately 200,000
Bitcoin, maintaining only a slim lead over China's 190,000 BTC holdings.
This gap
appears particularly concerning when compared to the nation's commanding lead
in gold reserves, where the US maintains 8,133 metric tonnes versus China's
2,264 tonnes.
The largest
Bitcoin miner by
market capitalization on Wall Street warns that the United States must
maintain its dominance in the cryptocurrency market, both in terms of reserves
and hash rate. The company emphasizes that the digital asset sector could become
more significant than gold reserves or USD in the future.
Fred Thiel, CEO, MARA, Source: LinkedIn
“The dollar
is no longer directly backed by gold, yet holding substantial gold reserves
remains a matter of national security,” MARA commented. “These reserves provide
the US with the ability to transact should foreign nations lose confidence in
the dollar.”
MARA's
proposal outlines several critical areas requiring immediate attention:
Mining
Infrastructure: The
company emphasizes the urgent need to develop domestic ASIC chip production,
reducing dependence on Chinese manufacturers who currently control up to 90% of
the mining hardware market.
Hashrate
Control:
“Failing to secure a sufficient share of blockspace and hashrate leaves
the US vulnerable to external pressures,” warns MARA CEO Fred Thiel,
pointing to growing mining influence from competing nations.
The timing
of MARA's advisory coincides with renewed interest in Bitcoin as a strategic
asset, particularly following Donald Trump's recent election victory. Senator
Cynthia Lummis's Bitcoin Act proposes an ambitious government acquisition of
one million Bitcoin over five years.
Last week,
MARA's CEO Thiel also commented on the matter, highlighting that China is
shifting its stance on cryptocurrencies, with Chinese cities preparing to
resume Bitcoin mining. This will significantly impact the global hash rate and
increase the importance of Wall Street-listed Bitcoin miners and producers
originating from the Middle Kingdom.
“I
suggest those of you in power who are not aware of, or understand, the need for
the US to control block space should revisit a few of my presentations on the
topic,” Thiel commented. “China has enough excess renewable energy to
power lots of hash rate.”
The MARA
CEO also mentions that Russia is catching up to the US in terms of mining
output, creating grounds for a new digital cold war over dominance in a space
that may become far more significant than the US dollar in the coming decades.
MARA is
also facing its own challenges. In Q3 2024, the
company reported a net loss of $124.8 million, despite a 34.5% increase in
revenue to $131.6 million compared to the same period last year. The loss was
primarily due to a $40 million rise in operational expenses, which outpaced
revenue growth.
Wall Street Bitcoin mining giant MARA Holdings (NASDAQ: MARA) issued a stark warning about the United States' need to secure dominance in Bitcoin holdings and mining operations. The company framed this as a critical national security imperative in the wake of growing global competition.
MARA Urges US Government
to Secure Bitcoin Dominance
The Fort
Lauderdale-based company, formerly known as Marathon Digital
Holdings, highlighted that the US currently holds approximately 200,000
Bitcoin, maintaining only a slim lead over China's 190,000 BTC holdings.
This gap
appears particularly concerning when compared to the nation's commanding lead
in gold reserves, where the US maintains 8,133 metric tonnes versus China's
2,264 tonnes.
The largest
Bitcoin miner by
market capitalization on Wall Street warns that the United States must
maintain its dominance in the cryptocurrency market, both in terms of reserves
and hash rate. The company emphasizes that the digital asset sector could become
more significant than gold reserves or USD in the future.
Fred Thiel, CEO, MARA, Source: LinkedIn
“The dollar
is no longer directly backed by gold, yet holding substantial gold reserves
remains a matter of national security,” MARA commented. “These reserves provide
the US with the ability to transact should foreign nations lose confidence in
the dollar.”
MARA's
proposal outlines several critical areas requiring immediate attention:
Mining
Infrastructure: The
company emphasizes the urgent need to develop domestic ASIC chip production,
reducing dependence on Chinese manufacturers who currently control up to 90% of
the mining hardware market.
Hashrate
Control:
“Failing to secure a sufficient share of blockspace and hashrate leaves
the US vulnerable to external pressures,” warns MARA CEO Fred Thiel,
pointing to growing mining influence from competing nations.
The timing
of MARA's advisory coincides with renewed interest in Bitcoin as a strategic
asset, particularly following Donald Trump's recent election victory. Senator
Cynthia Lummis's Bitcoin Act proposes an ambitious government acquisition of
one million Bitcoin over five years.
Last week,
MARA's CEO Thiel also commented on the matter, highlighting that China is
shifting its stance on cryptocurrencies, with Chinese cities preparing to
resume Bitcoin mining. This will significantly impact the global hash rate and
increase the importance of Wall Street-listed Bitcoin miners and producers
originating from the Middle Kingdom.
“I
suggest those of you in power who are not aware of, or understand, the need for
the US to control block space should revisit a few of my presentations on the
topic,” Thiel commented. “China has enough excess renewable energy to
power lots of hash rate.”
The MARA
CEO also mentions that Russia is catching up to the US in terms of mining
output, creating grounds for a new digital cold war over dominance in a space
that may become far more significant than the US dollar in the coming decades.
MARA is
also facing its own challenges. In Q3 2024, the
company reported a net loss of $124.8 million, despite a 34.5% increase in
revenue to $131.6 million compared to the same period last year. The loss was
primarily due to a $40 million rise in operational expenses, which outpaced
revenue growth.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
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In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
