{"id":15459,"date":"2024-07-23T16:54:20","date_gmt":"2024-07-23T13:54:20","guid":{"rendered":"https:\/\/forklog.com\/en\/marathon-digital-fined-138-million-for-contract-breach\/"},"modified":"2024-07-23T16:54:20","modified_gmt":"2024-07-23T13:54:20","slug":"marathon-digital-fined-138-million-for-contract-breach","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/marathon-digital-fined-138-million-for-contract-breach\/","title":{"rendered":"Marathon Digital Fined $138 Million for Contract Breach"},"content":{"rendered":"

Marathon Digital, the largest mining company in the United States, has been fined $138 million for breaching a non-circumvention agreement. This was reported by Cointelegraph<\/a>.\u00a0<\/p>\n

According to a press release from the law firm Affeld England & Johnson, the jury unanimously ruled in favor of Michael Ho, founder of US Bitcoin Corp and Chief Investment Officer of Hut 8.<\/p>\n

In 2020, Marathon’s management devised a growth strategy, which included launching a large-scale bitcoin mining operation in North America. The company implemented Ho’s ideas without compensating him for the confidential information provided.<\/p>\n

David Affeld, a partner at the law firm, noted that the court’s decision underscores the importance of honoring commitments and choosing the right business partners.<\/p>\n

\n

\u201cThis is a strong signal that ethical business practices are not optional but a necessity,\u201d he added.<\/p>\n<\/blockquote>\n

Marathon remains the largest mining company by market capitalization, valued at $6.99 billion. The firm significantly outpaces its nearest competitors, CleanSpark ($4.1 billion) and Riot Blockchain ($3.5 billion).<\/p>\n

\"Bitcoin-Mining-Stocks-Market-Google-Chrome-1\"
Data: Hashrate Index<\/a>.<\/figcaption><\/figure>\n

In April, the company announced<\/a> plans to increase its hashrate to 50 EH\/s by the end of 2024.<\/p>\n

In November 2023, Marathon commenced mining operations at a facility in Paraguay and launched a pilot project for mining digital gold using landfill gas energy.<\/p>\n

The company operates a joint venture in Abu Dhabi and has invested $80 million<\/a> in green bitcoin mining in Kenya. The firm is also participating in an experimental project in Finland to heat homes using the heat generated from mining the first cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marathon Digital, the largest mining company in the United States, has been fined $138 million for breaching a non-circumvention agreement. This was reported by Cointelegraph.\u00a0 According to a press release from the law firm Affeld England & Johnson, the jury unanimously ruled in favor of Michael Ho, founder of US Bitcoin Corp and Chief Investment […]<\/p>\n","protected":false},"author":1,"featured_media":15458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1162,1137,1185],"class_list":["post-15459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-court-cases","tag-cryptocurrency-mining","tag-marathon-digital-holdings"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15459"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15458"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}