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Marathon Digital mines $15 million in Kaspa tokens for revenue diversification
Marathon Digital Holdings, a global cryptocurrency-focused platform, announced that its mining operations for Kaspa have yielded approximately $15 million in KAS since they began last September.
The company says the decision to start mining Kaspa was part of its strategy to diversify its mining activities.
Marathon Mining Capsa
In the declaration released on Wednesday, Marathon Digital said that since the start of Kaspa mining operations, they have already mined around 93 million KAS worth around $15 million by June 25.
The firm highlighted that Kaspa is currently the fifth largest Proof-of-Work (PoW) crypto asset, with a market capitalization of $3.9 billion and trading volumes of $64.8 million. The circulating supply of the blockchain is 24 billion KAS, and users earn a reward of approximately 103.83 KAS for each block mined, with the terminal supply set at 28.7 billion.
Kaspa shares similarities with Bitcoin in terms of decentralization and open source. However, it differs in its use of a BlockDAG, which allows for multiple blocks to be processed simultaneously, unlike Bitcoin’s single block every 10 minutes. This provides miners with more opportunities to earn rewards.
According to the press release, Marathon has purchased “60 petahash of KS3, KS5 and KS5 Pro ASICs, each capable of generating 95% profit margins at existing network difficulty. Marathon already operates 30 petahash of Kaspa mining ASICs in Texas, with more coming in Q3 2024.
Diversification of mining activities
In the statement, Marathon said it began considering Kaspa in May 2023 to diversify its incomeHowever, it wasn’t until September that the global computing giant shipped the first batch of Kaspa ASICs and began to expand.
Speaking about Kaspa mining, Adam Swick, Chief Growth Officer at Marathon Digital, said:
“By mining Kaspa, we are able to create a diversified revenue stream from Bitcoin and directly linked to our core competencies in digital asset processing.”
According to Marathon’s CGO, Marathon is well positioned to mine Kaspa due to its “unique relationships with hardware manufacturers, our strong balance sheet and the experience of our team.” Marathon’s digital executive is committed to supporting innovation in PoW ecosystems and expanding its leading position in the mining sector.
After the massive drop in the price of Bitcoin that began in 2022, the miners started watch to diversify your income. Some have chosen to use their own infrastructure for AI and computing needs, while others have opted to mine other cryptocurrencies.