Marathon Digital Holdings, a company specializing in Bitcoin mining, announced it had mined $16 million worth of Kaspa (KAS) tokens since September 2023.
Adam Swick, Marathon’s Chief Growth Officer, explained their strategy in a press release: “By mining Kaspa, we can generate revenue that diversifies from Bitcoin, aligning with our strengths in digital asset compute.”
The company invested in about 60 petahashes of KS3, KS5, and KS5 Pro ASICs for Kaspa mining. Currently, half of these are operational, with plans to install the rest by the third quarter.
Mining Kaspa allows Marathon to benefit from higher profit margins associated with KAS, reaching up to 95% in some cases.
Despite this success, Marathon emphasized its continued focus on Bitcoin. Robert Samuels, Vice President of Investor Relations, clarified, “Kaspa will only use 1% of our energy capacity once fully deployed,” emphasizing their ongoing commitment to Bitcoin mining.
Since starting Kaspa mining, Marathon has seen KAS tokens rise by 420%, outpacing Bitcoin’s 135% increase over the same period. KAS is currently trading at $0.1819, marking a 13% increase in the last 24 hours.
Additionally, Marathon has mined 93 million KAS tokens and produced 9,761 Bitcoins valued at $594.9 million during this time.
Kaspa aims to address Bitcoin’s scalability challenges by using a BlockDAG architecture for quicker transaction processing. However, it still trails Bitcoin in network activity and adoption.
Marathon’s venture into Kaspa mining reflects its strategy to diversify revenue streams while maintaining a strong focus on Bitcoin as its core business.
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