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Bitcoin mining giant Marathon Digital Holdings (MARA) announces its generous initiative to match donations to the non-profit Bitcoin research and development organization Brink, during the Bitcoin 2023 conference in Miami Beach, Florida. They will match donations up to $500,000 on a two-for-one basis during the conference, and thereafter, continue matching additional contributions on a one-for-one basis until December 31st.
The donated funds will be allocated towards supporting grants and programs aimed at compensating Bitcoin Core developers for their valuable contributions in writing and maintaining code for the world's leading blockchain. This open-source decentralized project heavily relies on these voluntary donations to sustain its operations.
Earlier this year, concerns arose regarding a potential decline in the Bitcoin funding landscape due to the prevailing market downturn, commonly referred to as the "crypto winter" in the industry. However, Marathon's commitment, expected to generate $1 million when combined with third-party donations, demonstrates the eagerness of a corporate entity to provide financial support to the Bitcoin funding ecosystem.
“We believe it's really important that these developers get paid,” said Marathon CEO Fred Thiel in an interview with CoinDesk. “They operate out of their own pockets and the only way they can get funding is through grants like what Brink does.”
Established in 2020, Brink actively promotes the advancement of the Bitcoin protocol development through its fellowship mentor program. At the conference, Mike Schmidt, the co-founder and executive director of Brink, joined Thiel on stage to unveil the campaign.
As of the reporting time, Brink's donation page indicates that an impressive amount of nearly $280,000 has been contributed.
“As a miner, the most important thing is global adoption of Bitcoin,” Thiel said. “Our primary priorities are making sure that Bitcoin Core development and maintenance is properly funded. We're going to work with a lot of the industry partners that we have, to get them to also contribute.”