DMG Blockchain Solutions Inc. (DMGGF: OTC US)stock was trending at was up 41.18% to $1.44 yesterday close that seems to be the effect of the news published earlier this week by the company that Marathon Patent Group Inc. (NASDAQ: MARA) and DMG Blockchain Solutions Inc. (DMGGF: OTC US) announced the signing of a non-binding memorandum of understanding to form Digital Currency Miners of North America (DigitalCURRENCYMINERS).
The Marathon Patent Group and DMG’s U.S. subsidiary, Blockseer, are working together to create the North American Digital Currency Market Association (DCMMA), a non-profit organization focused on decentralizing the Bitcoin hash rate and providing more transparency for North American miners. As a rewards program, mining partners who contribute to the overall pool will receive rebates, thereby improving the mining profitability of DCMNA members.
After this deal, Miners will receive rebates based on their hash rate, increased transparency as all financial information will be audited by a U.S.-based third-party financial audit firm, and lobbying efforts to improve the policies and regulatory environment for miners.
DCMNA is committed to fostering greater transparency, trust, and accountability in the emerging mining industry. A Blocker pool is audited by an independent auditing firm, so miners get sufficient payments, and the data is trustworthy for the auditors and regulators. Walletcore will also exclude any transactions that are considered risky by the pool and which may fall outside the OFAC’s guidelines. Consequently, North American miners who belong to the DCMNA will be less likely to discover transactions associated with criminal or terrorist activities in blocks they mine.
Marathon, a founding member of DCMNA and the largest Bitcoin mining company in North America, will allocate its hash rate (equivalent to 10.36 EH/s or 7.6% of the entire Bitcoin network’s hash rate) to the pool.
DMG makes licensing Blockseer’s technology to DCMNA a condition of the memorandum of understanding, which also covers pool management. A detailed description of the terms and conditions will be included in an upcoming news release once a definitive agreement is reached. Pool operations should commence shortly after the final agreement is signed.