Marathon Digital Holdings: America’s first mining company tasked with creating OFAC and AML-compliant BTC
2 min readTL;DR Breakdown
• MARA’s regularized scheme would accept BTC.
• MARA tries to encourage other companies to regularize their BTC mining.
Marathon Digital Holdings is well known as the first BTC mining team in the United States. This company has achieved the unimaginable in mining by being regularized by the North American government.
MARA is the largest BTC financing company in the United States that has directed its hashrate towards the Marathon OFAC Pool. This is the most recent mining pool that the company launched. This move helped MARA become the first regulated and approved business miner against AML.
In March, the company announced that it is creating the first BTC mining equipment in the United States. MARA said it met all the standards in the country, including OFAC and AML. The mining team has claimed to avoid doing transactions with SDN users blacked out in the US Department of the Treasury.
MARA checks and ensures all Bitcoins took out by the team are legal. With these measures, the company plans to stay in the mining market for many years.
Marathon and its beginnings in Hashrate
From the 1st of May, Marathon guided its hash-rate to the new mining team. Therefore, all the BTC that Marathon produces since that date is considered real and legal.
For the future, MARA seeks to include new companies that follow the North American standard. These measures are planned to be included as of the 1st of June this year.
Fred Thiel Opinions, MARA´s Director
Marathon CEO Fred Thiel said: “We have made the company the first BTC miner in the US, and we seek to innovate to improve the position and change the industry by allowing other companies to integrate.”
Thiel also highlights: “The team of miners that we recently created is a model of our doctrine and industrial view. Today many global BTC hash rates target single-country teams outside of North America, bringing little oversight of how American mining works. We think that the absence of mining equipment and the lack of supervision in the industry would attract some risks”. He concluded by saying:
“Our team takes all of these issues proactively and brings mining power back to North America. We think that the network will be more decentralized, stronger, and have reduced risks as other governments enter the game. By avoiding transactions with negative users, we have the virtue of giving investors a clean BTC and the regulatory strip. We have spoken with large corporate funds that have shown interest in cryptocurrency but are concerned about OFAC’s non-compliance. We trust that the Marathon OFAC Pool will help eliminate these concerns. This advance will be incredible for our work model, our users, and our company”.
Marathon Digital Holdings may mark a milestone for mining companies, as they want to join the US standardized model. A free mining market can be great for companies because they do not break laws accepting BTC.
