In a decisive step signaling the growth and global acceptance of Bitcoin, Marathon Digital has announced the initiation of a fresh Bitcoin mining site in Abu Dhabi. The powerhouse behind this venture? None other than the Sovereign Wealth Fund of Saudi Arabia.

Current costs of mining a single Bitcoin hover between $16,000 to $18,000. This figure is set to double by May, leading to speculations around market consolidations if Bitcoin’s price does not maintain near the $40,000 threshold.

Further shedding light on the industry’s landscape, Thiel stated, “I spent a lot of time in D.C. and New York talking to regulators and Legislators. Bitcoin and crypto have bifurcated in an interesting way. Institutional investors and regulators view Bitcoin as a commodity. This is an asset class that is maturing. It’s fully decentralized. There isn’t a central controlling actor that can do anything with it. And Bitcoin never issued bitcoins, if you would, to raise capital for itself.”

With partnerships as influential as with the Sovereign Wealth Fund of Saudi Arabia, the future looks bright for Marathon Digital and the broader Bitcoin mining industry.

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