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Fred Thiel
Photographer: Eva Marie Uzcategui/BloombergKatherine Greifeld
A range of challenges will essentially drive some Bitcoin miners out of the market, according to Fred Thiel, chief executive officer of Marathon Digital Holdings Inc., one of the biggest US-based participants in the sector.
Stagnant Bitcoin prices, high power costs, persistent competition along with a preprogrammed event that cuts mining reward in half have compressed miners margins and prompted them to make their power-hungry operations more efficient, Thiel said during an interview on Bloomberg Television.
