Bitcoin Miner Marathon Digital Surges 13% After Revealing It Has Mined $16M Worth of Kaspa (KAS) Tokens

KAS, the native token of proof-of-work cryptocurrency Kaspa, surged 13% as major Bitcoin miner Marathon Digital revealed it has mined over $16 million

Major Bitcoin miner Marathon Digital has announced that it has mined over $16 million worth of Kaspa (KAS) tokens as part of its efforts to diversify its revenue streams.

The announcement, made on June 26, reveals that Marathon has been actively mining KAS tokens in addition to Bitcoin (BTC). According to the press release, the company began mining Kaspa in September 2022.

“Today we're announcing that we have been actively mining Kaspa,” Marathon announced via Twitter on Monday. “Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations.”

Kaspa, the native token of the proof-of-work cryptocurrency Kaspa, has seen a 145% surge in trading volume and a 10% rise in price over the last 24 hours, according to CoinMarketCap.

Over the last 7 days, the crypto asset has experienced a 20% gain, while over the last 30 days, it has seen a 26% surge in value, indicating a bullish outlook for the altcoin this month.

At the time of writing, Kaspa ranks 24th in the global cryptocurrency list, with a trade price of $0.1759, a circulating supply of around 24.035 billion KAS tokens, and a market capitalization of $4.2 billion.

Kaspa is a cryptocurrency that aims to deliver a high-performing, scalable, and secure blockchain platform. The Layer-1 protocol’s distinguishing feature is the use of the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism.

GhostDAG enables the production of multiple blocks at the same time, which speeds up transactions and boosts block rewards for miners.

“This technology enables the production of multiple blocks simultaneously, which speeds up transactions and increases block rewards for miners,” Marathon explained in the press release.

According to Marathon’s chief growth officer, Adam Swick, mining Kaspa allows the company to create a diversified revenue stream from Bitcoin, which is “directly tied to [their] core competencies in digital asset compute.”

“We began mining Kaspa in September after bringing the first mining computer online and quickly ramping up our operations,” the company stated in the announcement.

Marathon has purchased approximately 60 petahashes of KS3, KS5, and KS5 Pro ASICs to mine Kaspa tokens, according to the press release. Half of that is now operating, with the remainder set to be deployed sometime in Q3.

“In total, we have mined approximately 93 million Kaspa tokens, which at current market prices is valued at around $16 million,” the Bitcoin mining giant noted.

The Kaspa token has seen a surge of about 50% this year, while Bitcoin's price has risen by 44%.

As Bitcoin miners continue to seek ways to diversify their revenue during the crypto winter and the latest halving, which has increased competition, many are utilizing their existing infrastructure to support artificial intelligence (AI) and other computational demands.

Some miners, such as Marathon, are also capitalizing on additional layers of Bitcoin to boost their earnings.

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