David Vance

Million

Fine

Foundation

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/marathon-digital-faces-138-million-fine-for-contract-breach/" data-wpel-link="internal">Marathon Digital Faces $138 Million Fine for Contract Breach</a><br></p>
<p class="p1" style="text-align: justify">The largest <a href="https://en.coin-turk.com/bitcoin-continues-to-climb-above-63000-resistance-level/" data-wpel-link="internal">Bitcoin</a> mining company by market value, Marathon Digital, has been fined $138 million for violating a non-disclosure or non-circumvention agreement. Michael Ho, former co-founder of US Bitcoin Corp and Chief Strategy Officer of mining company Hut 8, won the unanimous jury verdict in a contract breach lawsuit against Marathon Digital Holdings.</p> 
<h2 class="p1" style="text-align: justify" id="what-is-happening-at-marathon-digital">What Is Happening at Marathon Digital?</h2> 
<p class="p1" style="text-align: justify">A non-circumvention agreement is a legally enforceable agreement that protects <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">companies</a> or individuals from being bypassed by other parties involved in a transaction. Affeld England &amp; Johnson LLP, representing Ho, stated in a press release that the executive developed a growth strategy for Marathon in 2020, including the development of a large-scale Bitcoin mining facility in North America.</p> 
<p class="p1" style="text-align: justify">According to the law firm, Marathon violated its agreement with Ho by implementing its strategy without compensating him for the confidential information he provided, essentially breaching the non-circumvention agreement. David Affeld, a partner at Affeld England &amp; Johnson LLP handling the case, emphasized the importance of fulfilling commitments and choosing the right business partners. Affeld added:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“It sends a strong message that ethical business practices are not optional but necessary.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><strong>Affeld</strong> also stated that the unanimous $138 million jury verdict validated Ho’s efforts and expertise. Affeld shared the following on the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“This reinforces the importance of fulfilling contractual obligations and respecting professional relationships.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">Affeld collaborated with Gregg Zucker from Foundation Law Group LLP, who initiated the lawsuit.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">Despite the lawsuit, Marathon Digital Holdings remains the world’s largest Bitcoin mining company by market value. The company, valued at $6.77 billion, surpasses the second-largest mining company, CleanSpark, by 48%. According to CompaniesMarketCap <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, CleanSpark’s market value is $4.13 billion.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373055 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/mining.jpg" alt="" width="1559" height="673"></p> 
<p class="p1" style="text-align: justify">In June, Marathon Digital doubled its operational hashrate from the previous year to 26.3 exahash (EH/s). The increase was attributed to improvements at the Ellendate facility, which became fully operational in July. According to Marathon Digital’s CEO and President Fred Thiel, the mining pool saw a 10% increase from the previous year, capturing 158 blocks per month.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/marathon-digital-faces-138-million-fine-for-contract-breach/" data-wpel-link="internal">Marathon Digital Faces $138 Million Fine for Contract Breach</a></h5>

Marathon Digital Faces $138 Million Fine for Contract Breach

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