• Marathon Digital Holdings (MARA) has pledged to match up to $500,000 in donations to non-profit Bitcoin research and development firm Brink.
• The donations will go towards funding grants and programs that pay Bitcoin Core developers for their work.
• Marathon CEO Fred Thiel believes it is important for developers to be properly compensated for their efforts.
Marathon Pledges Matching Funds for Bitcoin Development
Marathon Digital Holdings (MARA) is pledging to match up to $500,000 in donations made during the Bitcoin 2023 conference in Miami Beach, Florida, and subsequently match additional donations on a one-for-one basis after the conference up to Dec. 31. The money raised will support grants and programs that help pay Bitcoin Core developers for maintaining the world’s dominant blockchain – an open source decentralized project that relies on such voluntary contributions.
White House’s Stance on Crypto Mining
The Biden Administration recently proposed a punitive tax on crypto mining operations due to “the harms they impose on society”, according to an online post from the White House’s Council of Economic Advisers (CEA). Marathon CEO Fred Thiel reacted by saying he believes the White House “just wants to get rid of crypto” in the U.S.
Marathon Digital Holdings’ Pledge
The funds provided by Marathon Digital Holdings will be used exclusively for paying Bitcoin Core developers who write code and maintain software related to the open source project. By matching up third party donations on a two-for-one basis during the event, as well as one-for-one afterwards, Marathon hopes this pledge could eventually reach $1 million in total contributions when all is said and done.
Importance of Funding Developers
Fred Thiel emphasizes how important it is for these developers have financial support so they can continue their work without having worry about personal costs or running out of money. He stated: “We believe it’s really important that these developers get paid… They operate out of their own pockets and the only way they can get funding is through grants like what Brink does.”
Conclusion
This generous donation from Marathon Digital Holdings shows just how much corporate entities are willing to invest into cryptocurrency projects with open source foundations such as Bitcoin Core development. With this type of financial assistance available, more individuals may feel encouraged enough become involved with developing new technologies within this sector without feeling burdened by personal costs or lack of resources necessary for success