• Marathon has mined 93 million KAS, worth approximately $15 million. 
  • Kaspa’s price has soared by 11% in the past 24 hours.

Marathon Digital Holdings, a leading digital asset technology firm and one of North America’s largest Bitcoin miners, has announced the commencement of Kaspa mining operations. According to Adam Swick, Marathon’s Chief Growth Officer, the move into Kaspa mining aims to diversify revenue streams away from Bitcoin while leveraging their expertise in digital asset compute.

As of June 25, 2024, Marathon has mined 93 million KAS tokens, valued at approximately $15 million. This strategic shift opens new revenue opportunities beyond Bitcoin mining, capitalizing on Kaspa’s unique attributes. Remarkably, Kaspa boasts an active address count between 700,000 and 1 million, compared to Bitcoin’s much larger user base.

Meanwhile, Marathon’s involvement in Kaspa began in May 2023 with the deployment of their first ASIC s dedicated to the altcoin. It was followed by the acquisition of 60 petahash of KS3, KS5, and KS5 Pro ASICs. With projected profit margins of up to 95%, dependent on KAS price and network difficulty, Marathon is positioned to capitalize on this venture.

Currently, Marathon operates 30 petahash of Kaspa mining capacity at its self-owned facilities in Texas, with plans to reach full operational capacity by Q3 2024.

Future Outlook for Kaspa

Kaspa, a decentralized Layer-1 protocol utilizing a proof-of-work mechanism, offers distinct advantages over Bitcoin. Its ability to process one block every second facilitates faster transactions and increases block rewards for miners.

Following Marathon’s announcement, Kaspa’s price surged by 11% to $0.1773, reflecting investor optimism. The market cap is at $4.26 billion and the daily trading volume is at $153 million with a 156% increase.

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