Cryptocurrency Stock News Bites: Marathon Patent Group (NASDAQ: $MARA) and DMG Blockchain Solutions to Form The Digital Currency Miners of North America (DCMNA) and Launch North America's First Cooperative Mining Pool
January 5, 2021 (Investorideas.com Newswire) Cryptocurrency Stock News Bites: Marathon Patent Group, Inc. (NASDAQ:MARA) and DMG Blockchain Solutions Inc. (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.
Marathon Patent Group and DMG's U.S. 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. 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. 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.
As 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.
Benefits of the mining pool include, but are not limited to:
Profit sharing, whereby miners receive rebates based on their contributed hashrate
Increased transparency as all financial information will be audited by a third-party U.S.-based financial audit firm
Lobbying efforts to improve the policies and regulatory environment in North America for miners
"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 activities
DCMNA is focused on increasing transparency, trust, and accountability in the emerging mining industry, particularly as more institutions embrace Bitcoin as a store of value. 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. 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. 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.
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