MARA CEO Fred Thiel warned that miners dependent on grid tariffs will cease operations within the next couple of years.

Industry participants and analysts interpret this statement as a signal to accelerate shifts in energy sourcing and operational models ahead of 2028.

Industry response

Large operators are changing their asset mix and procurement strategies to reduce exposure to volatile grid tariffs and secure long-term margins.

• Developing on-site gas-fired power plants or dedicated generation to control local supply and price volatility.
• Securing long-term energy contracts such as power purchase agreements to stabilise input costs over multiple years.
• Shifting part of capital from commodity mining rigs toward infrastructure-oriented projects, including energy-intensive AI facilities.

Risks for tariff-dependent miners

Miners that rely heavily on variable grid tariffs face narrowing margins and elevated closure risk if energy prices rise or electricity demand tightens.

Smaller operators with limited access to diversified supply or long-term contracts are particularly vulnerable to sudden tariff increases and local supply curtailments.

Operational strategies

Site diversification across regions with different tariff structures reduces single-point exposure and allows operators to rebalance loads as conditions change.

Evaluations increasingly account for the resilience of power supply, not only current rates, and use stress-tested payback models to measure long-term viability.

Regulatory shifts and broader energy-market dynamics will determine how quickly the sector adapts and which business models remain viable before 2028.