Bitcoin miner Marathon Digital Kaspa (KAS) is mining
Marathon Digital (MARA) has announced that it has raised KAS 93 million, worth $15 million.
The Bitcoin miner said the operation was part of diversifying its revenue streams.
Marathon to deploy full 60 petahash of KAS power by Q3, 2024.
Bitcoin (BTC) mining company Marathon Digital has announced that it will now issue Kaspa (KAS), a Layer-1 Proof of Work (PoW) coin.
Marathon Digital said in a press release published today that the mining company On June 25, he saw a withdrawal of KAS 93 million. The value of Caspa tokens on the miner was around $15 million at the time.
Marathon differs from Kaspa (KAS) mining
According to Marathon Digital, KAS's move to start mining is part of the company's efforts to expand its revenue streams. Marathon Chief Development Officer Adam Swick said:
“By mining Kaspa, we can create a decentralized income stream from Bitcoin and it is directly related to our core competencies in digital asset computing.”
Swick further commented on the decision:
“With our existing infrastructure, our unique relationships with hardware manufacturers, our strong scale and our team's expertise, Marathon is uniquely positioned to mine Kaspa and take advantage of the high margins available to those who can deploy Kaspa ASICs today.
Caspa is the 5th-largest proof-of-concept coin.
Caspa is currently the world's fifth largest PoW coin by market cap, with over $4.1 billion.
According to CoinMarketCap, the top Pow coins by market value above Caspa are Litecoin, Bitcoin Cash, Dogecoin and Bitcoin.
As of writing, the cryptocurrency is at 28 levels.Th In total, a daily trading volume of more than $56 million in market value was observed. Caspa has a maximum supply of KAS 28.7 billion, while the indirect supply is currently KAS 24 billion. The network's block reward is currently 103.83 KAS.
While Bitcoin produces one block every 10 minutes, Kaspa's BlockDAG method allows one block per second, which means faster transactions.
Marathon Caspa Mining Power
Marathon first envisioned Caspa mining in May 2023, and deployed its first ASICs for the altcoin in September. Following the expansion of this new mining operation, the company acquired 60 petahash of Kaspa ASICs.
ASIC Miner Value estimates that these machines can generate profit margins of up to 95% depending on the current KAS price and network difficulty.
Marathon is currently operating 50% of its Caspa mining capacity (30 petahash) at the company's facilities in Texas. Meanwhile, the remaining capacity is expected to be fully operational by Q3 2024.
KAS stock is up 9% in 24 hours, trading at $0.175 at 5:13 pm ET on Wednesday.
