Marathon Mines $16M Worth of Kaspa Tokens, Emphasizes Bitcoin Remains Primary Focus

Bitcoin mining company Marathon Digital Holdings has reported mining $16 million worth of Kaspa (KAS) tokens since September 2023.

Bitcoin mining company Marathon Digital Holdings has mined $16 million worth of Kaspa (KAS) tokens since September 2023.

Today we’re announcing that we have been actively mining Kaspa. Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations.

Read the full press release:

https://t.co/rwiXIJCx7q

This strategy was outlined by Adam Swick, Marathon’s Chief Growth Officer, in a June 26 press release:

“By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin, and that is directly tied to our core competencies in digital asset compute.”

Moreover, the company hasは約60 petahashes of KS3, KS5, and KS5 Pro ASICs for Kaspa mining, with half currently operational and the rest to be installed in Q3.

This move into Kaspa mining allows Marathon to tap into the higher profit margins for KAS, which have reached up to 95% in some cases.

Despite this initiative, Marathon emphasizes that this does not mark a shift away from its primary focus on Bitcoin. Robert Samuels, Vice President of Investor Relations, stated, “Kaspa will represent just 1% of our energy capacity once fully deployed,” clarifying that the company is not pivoting from its core Bitcoin mining operations.

Since Marathon began mining Kaspa, KAS tokens have appreciated by 420%, outpacing Bitcoin’s 135% increase over the same period The token is currently trading at $0.1819, up 13% in the last 24 hours.

Furthermore, the company has mined 93 million KAS tokens to date while also producing 9,761 Bitcoin valued at $594.9 million during the same timeframe.

Designed to address Bitcoin’s scalability issues, Kaspa utilizes a BlockDAG architecture that enables faster transaction processing. However, it still lags significantly behind Bitcoin in terms of network activity and adoption.

Also Read: Notcoin Burns 210M Tokens, Eyes Potential 100% Price Rally

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