Marathon Digital Tags “Made in USA” to Every Bitcoin Block Mined in America

Bitcoin Mining

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

August 12, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Crypto mining firm Marathon Digital announced that it would label “Made in USA” to all Bitcoin blocks mined by the company in America.

“MARA is Team USA, proudly declared in each American-made bitcoin block we mine,” it wrote on X.

Fred Thiel, CEO of Marathon Digital, emphasized that being one of the largest Bitcoin miner in the USA, the company makes sure that every BTC block mined has the tag.

“Every block mined by MARA Pool in USA is proudly stamped ‘Made in USA’,” he wrote.

“The only large-scale miner who can do this because we run our own pool and ensure that all the blocks mined by MARA Pool are made in USA.”

Marathon Digital’s move aligns with the US Presidential hopeful Donald Trump’s desire for “all the remaining Bitcoin to be made in the USA.” On June 12, Trump noted that all remaining Bitcoin to be produced in the United States. He stressed that the potential would help the country to become energy dominant.

Trump also reiterated for the support of domestic crypto mining during the Bitcoin 2024 Conference in Nashville. He pledged that American Bitcoin miners would receive sufficient electricity needed to run the energy-hungry mining operations in the country.

Furthermore, all Bitcoin blocks mined by MARA Pool already has the stamp, according to mempool.space.

Marathon Digital Announces $250 Million Private Offering

Additionally, the miner has also announced plans to sell $250 million of convertible senior notes through a private offering. The funds would help in the purchase of more Bitcoins, it added.

Marathon Digital holds over 20,800 Bitcoins, which is over twice more than its rival, Hut8 miner.

The notes will mature Sept. 1, 2031 and will pay interest semi-annually, beginning March 2025, the miner noted.

“MARA intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes.”

Specifically, the company noted it would utilize the proceeds for working capital, strategic acquisitions, expansion of existing assets, among others.