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

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Marathon has mined 9 million of KAS tokens since Sept. 2023, valued at about $15 million.

The miner has introduced 30 petahash price of machines on-line to mine Kaspa, whereas 30 extra shall be beginning by the third quarter.

Bitcoin (BTC) miner Marathon Digital (MARA) is now a multi-coin crypto miner, after it began mining layer 1 protocol Kaspa (KAS) to diversify its mining income.

Kaspa makes use of a proof-of-work (PoW) consensus mechanism known as GHOSTDAG protocol, and in contrast to bitcoin, it permits a number of blocks to be produced concurrently. This course of helps make transactions quicker and gives extra block rewards for miners, based on an announcement from Marathon.

“By mining Kaspa, we’re in a position to create a stream of income that’s diversified from Bitcoin, and that’s straight tied to our core competencies in digital asset compute,” stated Adam Swick, Marathon’s chief development officer within the assertion.

The Kaspa token’s worth has risen practically 50% this 12 months, whereas bitcoin climbed 44%. The broader CoinDesk 20 index is up practically 16% in the identical time interval.

Marathon began mining Kaspa in September of final 12 months after bringing the primary mining laptop on-line. The miner has purchased 60 petahash price of mining machines that may generate revenue margins of as much as 95%, based on the assertion. Marathon has 30 mining rigs operational in its Texas websites; the remaining shall be on-line by the third quarter. The corporate has mined 93 million KAS, which is valued at about $15 million.

Bitcoin miners have been trying to diversify their income after crypto winter, and up to date halving has made the business extra aggressive. Many miners have pivoted to utilizing their present infrastructure to permit for synthetic intelligence (AI) and different computing wants. In the meantime, some miners, together with Marathon, have opted to monetize different layers of bitcoin to earn additional income.

Learn extra: Bitcoin Miner Marathon to Begin ‘Slipstream’ to Make Complicated BTC Transactions Quicker

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