Bitcoin Miner Marathon Mined $15M Worth of Kaspa Tokens to Diversify Revenue

Theminerhasmined93millionofKAStokenssinceSept.2023.

Bitcoin(BTC)minerMarathonDigital(MARA)hasdiversifieditsminingrevenuebystartingtominelayer1protocolKaspa(KAS).Kaspaisalayer1blockchainthatusesaproof-of-work(PoW)consensusmechanismcalledtheGHOSTDAGprotocol.UnlikeBitcoin,Kaspaallowsmultipleblockstobeproducedsimultaneously.Thisprocesshelpsmaketransactionsfasterandprovidesmoreblockrewardsforminers,accordingtoastatementfromMarathon.“ByminingKaspa,weareabletocreateastreamofrevenuethatisdiversifiedfromBitcoin,andthatisdirectlytiedtoourcorecompetenciesindigitalassetcompute,”saidAdamSwick,Marathon’schiefgrowthofficerinthestatement.TheKaspatoken’spricehasrisennearly50%thisyear,whileBitcoinclimbed44%.ThebroaderCoinDesk20indexisupnearly16%inthesametimeperiod.MarathonstartedminingKaspainSeptemberoflastyearafterbringingthefirstminingcomputeronline.Theminerhasbought60petahashworthofminingmachinesthatcangenerateprofitmarginsofupto95%,accordingtothestatement.Marathonhas30petahashworthofminingrigsoperationalinitsTexassites;therestwillbeonlinebythethirdquarter.Thecompanyhasmined93millionKAS,whichisvaluedatabout$15million.Bitcoinminershavebeenlookingtodiversifytheirrevenueaftercryptowinter,andtherecenthalvinghasmadetheindustrymorecompetitive.Manyminershavepivotedtousingtheircurrentinfrastructuretoallowforartificialintelligence(AI)andothercomputingneeds.Meanwhile,someminers,includingMarathon,haveoptedtomonetizeotherlayersofBitcointoearnextrarevenue.

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