Mining is a unique industry, in that miners do not necessarily compete with one another for customers or contracts, but instead work together to secure the blockchain on which Bitcoin transactions are processed. When DMG acquired Datient, the parent of Blockseer in 2018, our intention was to create solutions that would benefit our industry as a whole and increase trust in the Bitcoin ecosystem. Marathon has been a leader both in terms of market capitalization and also in terms of lobbying regulators on behalf of our industry, and we look forward to working diligently to build the capabilities of DCMNA on behalf of our mining partners and DCMNA’s new members.”ĭan Reitzik, DMG’s CEO added, “It is an honor to work with Marathon to establish the DCMNA and to provide the technological components for the DCMNA organization. “To date, companies such as ours have relied on pools primarily based in Asia to connect to the Bitcoin network, and we have been frustrated by the lack of transparency and audited data. “We are tremendously proud to lead the launch of DCMNA, a non-profit organization, whose first mandate is to bring its members a vast improvement in mining pool operations by licensing the Blockseer pool to serve our North American mining members,” said Marathon’s executive chairman, Merrick Okamoto. A membership committee will also be formed to develop and regulate DCMNA’s operations and investments in North American digital currency mining issues, which will be identified by its membership. The organization will be governed by its mining members, while Marathon’s executive chairman, Merrick Okamoto, will serve as DCMNA’s inaugural chairman. As a result, North American miners who are DCMNA members will reduce the risk of the blocks they mine containing transactions tied to criminal or terrorist-related activities.ĭCMNA will also act as unified group to lobby government bodies and regulators on behalf of its membership. Using DMG’s proprietary patent pending technologies, the pool will also create transaction blocks that specifically omit any transactions deemed risky by Walletscore, and which may not meet OFAC standards. Unlike other Bitcoin mining pools, Blockseer’s pool will be audited by an independent auditing firm, ensuring that the miners receive accurate rewards and that auditors and regulators can trust the data provided. “Clean block mining” that adheres to the Office of Foreign Asset Control’s (OFAC’s) compliance standards and reduces the risk of mining blocks that include transactions linked to nefarious activitiesĭCMNA is focused on increasing transparency, trust, and accountability in the emerging mining industry, particularly as more institutions embrace Bitcoin as a store of value.Lobbying efforts to improve the policies and regulatory environment in North America for miners.Increased transparency as all financial information will be audited by a third-party U.S.-based financial audit firm.Profit sharing, whereby miners receive rebates based on their contributed hashrate.Mining partners who are members will receive rebates based on the hash rate they contribute to the overall pool, thus improving the mining profitability of DCMNA members.Īs a founding member of DCMNA and one of North America’s largest enterprise Bitcoin mining companies, Marathon will put all of its mining hashrate (equivalent to 10.36 EH/s, or 7.6% of the total Bitcoin network’s hashrate, if all miners were deployed today at current levels) into the pool.īenefits of the mining pool include, but are not limited to: DCMNA’s principal initiative is to create North America’s first cooperative mining pool by licensing Blockseer’s mining pool to all DCMNA members in a cooperative structure. subsidiary, Blockseer, are working together to establish DCMNA, a non-profit entity focused on North American digital currency opportunities, including decentralizing the Bitcoin hashrate and providing more transparency for North American miners. (TSX-V: DMGI) (DMGGF: OTC US) (FRANKFURT: 6AX) (“DMG”) have entered into a non-binding memorandum of understanding to form Digital Currency Miners of North America (“DCMNA”), which will be a U.S.-based non-profit entity whose mission is to create a better mining environment for North American miners, to help improve their financial performance, and to create North America’s first cooperative mining pool. (NASDAQ: MARA), (“Marathon”) and DMG Blockchain Solutions Inc. 05, 2021 (GLOBE NEWSWIRE) - Marathon Patent Group Inc.
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