Marathon Digital announces fundraising of up to $1 million for Bitcoin developers
U.S.-based mining company Marathon Digital has pledged up to $1 million in donations to Bitcoin Core developers
Marathon Digital Holdings announced a partnership with Brink to raise up to $1 million to support Bitcoin Core developers. Marathon has promised to contribute up to $500k by the end of 2023.
Bitcoin Core is a client (software) for the Bitcoin network operated by an independent group of developers. They maintain the blockchain, write updates and make decisions on improvements to the first cryptocurrency network. They also maintain the main repository of the protocol on GitHub.
Brink, a nonprofit company, is dedicated to supporting the Bitcoin developer community through scholarship and grant programs. The firm was founded in 2020 with funding from John Pfeffer and Vences Casares. The company's website states that it is 100% funded by donations from individuals and organizations wishing to support the Bitcoin network and protocol.
Marathon and Brink have set a goal of raising up to $1 million for Bitcoin Core developers. They announced the fundraiser at the Bitcoin 2023 conference on May 18-21 in Miami, USA. The miner has pledged to double all contributions from other participants up to $500k by the end of the year. Thus, if third-party donations reach $500k, Marathon will also contribute $500k and the $1 million plan will be met.
"Bitcoin Core developers are volunteers. Without them, a decentralized payment network that can be freely used by everyone around the world would not function the same way. <...> We believe it is in the best interest of every Bitcoiner to ensure that these developers can continue to do their work, and we invite all interested parties to join us in supporting the core developers," said Marathon CEO Fred Thiel.
The public U.S. company has tens of thousands of cryptocurrency mining devices in data centers in North Dakota, Ohio and Texas. At the end of the first quarter of 2023, Marathon had $1.3 billion in assets, including about $715 million in hardware and $189 million in digital assets.
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