Bitcoin research and development firm Brink announced during the ongoing Bitcoin 2023 conference held in Miami that it is collaborating with the Bitcoin mining firm Marathon Digital Holdings to raise between $500,000 to $1 million to support the work of Bitcoin core developers.
Who Are Bitcoin Core Developers?
Bitcoin is a decentralized peer-to-peer blockchain network. Like every other blockchain network, the Bitcoin network also needs maintenance. This is where Bitcoin Core Developers come in.
They are individuals and groups of developers worldwide who voluntarily aid the maintenance and development of the Bitcoin network. They are not paid for their work, so they rely on funding, grants, and stipends from external sources. Over the years, several firms and individuals have supported the finances of Bitcoin core developers. Some of these platforms include Square Crypto, Blockstream, BitMEX Research, Kraken, and others.
Brink and Marathon to Commence $1M Funding
According to a press release, Marathon will be matching donations made to Brink on a two-for-one basis throughout the Bitcoin 2023 conference that runs through May 18-20. Blockchain-focused firms seek to gather up to $500,000 from this funding round.
The Bitcoin mining firm will match donations made to Brink on a one-for-one model for the rest of the year. At the end of the entire funding, the duo companies expect to raise $1 million, including funds acquired from third-party entities.
Mike Schmidt, co-founder and executive director of Brink, praised the work of Bitcoin core developers when he said:
“The Core developers are the unsung heroes of the Bitcoin ecosystem. These dedicated individuals often work behind the scenes voluntarily to maintain and enhance the security of the Bitcoin protocol and network. This campaign and Marathon’s match provide an avenue for the Bitcoin community to acknowledge and lend their financial support to these talented developers, who make it all possible.”
The announcement added that all donations made to Brink will be subjected to a tax deduction.
