Marathon Digital Partners with Brink to Raise $1M to Support BTC Core Devs
- Marathon Digital has announced its partnership with Brink, a firm focused on supporting Bitcoin Core developers.
- The two entities have joined forces to raise up to $1 million to support BTC core developers, as per a May 18 report.
- Marathon will match all donations from May 18 to May 21 during the 2023 Bitcoin conference on a two-for-one basis.
- It will match all donations post-conference, between May 22 and December 31, on a one-for-one basis.
- The total amount, including the Bitcoin conference donations and those made after it, will not exceed $500K.
Popular Bitcoin (BTC) mining company, Marathon Digital Holdings, aims to support the BTC core development community, which is believed to be the most important entity responsible for the streamlined development of the Bitcoin Network. Interestingly, in order to support their growth, the mining company has partnered with Brink, an entity founded in 2020 that is responsible for strengthening the Bitcoin protocol and network via fundamental R&D and also, supporting the developer community via funding, education, and mentoring.
The two companies have joined forces to raise up to $1 million to support Bitcoin core developers, according to a May 18 announcement. It is important to mention here that the Bitcoin protocol is the underlying technology that allows BTC to function as a P2P, borderless payment system. However, the core developers of this protocol often work on a pro-bono or donation basis and, therefore, need more support, according to Marathon’s belief.
“To ensure Bitcoin Core developers can continue their essential work of maintaining and strengthening the Bitcoin network, Marathon and Brink are joining forces to raise up to $1 million in donations for Bitcoin Core developers,” read the announcement.
Marathon stated that it has committed to matching all donations up to an aggregate of $500,000 through 2023 for a total of $1 million (when combined with third-party donations). The mining company will match all the donations made to Brink between May 18, 2023, and May 21, 2023, during the Bitcoin 2023 conference, on a two-for-one basis.
On the other hand, between May 22, 2023, and December 31, 2023, post-conference, Marathon will match the donations on a one-for-one basis. However, the total amount that the mining company will donate can go up to $500,000, including the proceeds from the Bitcoin 2023 conference and post-conference.
Peter Thiel, the CEO of Marathon, stated that his company believes that “Brink has a proven track record of effectively supporting the work of established Bitcoin protocol engineers and mentoring new contributors” and stated that he is “proud to be working with a world-class organization that shares our values.”
“We believe it is in every Bitcoiner’s and Bitcoin company’s interest to ensure these developers can continue performing their essential services, and we invite all those interested to join us in backing Brink to support Core developers,” said Thiel.
As reported earlier by Bitnation, Marathon Digital Holdings announced that it had sold 1,500 BTC tokens in January 2023 and produced a record 687 Bitcoin in the very same month. The company sold the BTC tokens in order to cover a portion of its operating expenses.
Marathon Q1 2023 Financial Report
Furthermore, the Q1 2023 filing on May 10 from the Bitcoin miner reveals that the company has a total of $189,087,000 in digital assets and total assets worth $1.3 billion on March 31, which is up from $1.1 billion on December 31, 2022.
Meanwhile, the total revenue for Q1 2023 stands at $51,132,000, which is not much of an improvement over the revenue generated in Q1 2022, i.e., $51,723,000. Finally, Marathon also noted that the net loss for the first quarter of 2023 was $7,235,000, which is an improvement from the net loss of $12,851,000 in the first quarter of 2022.