After experimenting with it last year, Marathon Digital announced this week that it has fully launched into mining Kaspa (KAS). This decision stems from the company’s desire to diversify its revenue streams.
Marathon Digital is diving seriously into Kaspa (KAS) mining
Mining giant Marathon Digital Holding, listed on the Nasdaq under the symbol MARA, revealed on Wednesday that it has begun actively mining Kaspa (KAS):
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
— MARA (@MARA) June 26, 2024
In its press release, the company, best known for mining Bitcoin (BTC), explains that this decision stems from a desire to diversify its revenue streams. As such, KAS mining was considered starting in May 2023, with an official launch planned for September of that year.
To date, Marathon has deployed 30 petahash of computing power on the network, a figure that is set to double in the near future:
Marathon has purchased approximately 60 petahashes of KS3, KS5 and KS5 Pro ASICs, each of which is estimated by ASIC Miner Value to generate profits in some cases of up to 95% margin given the current network difficulty and price of KAS. 30 petahashes of Marathon’s Kaspa ASICs are currently operational in facilities owned and operated by the company in Texas, with the remainder expected to be fully powered up in the third quarter of 2024.
With a hashrate of approximately 355 PH/s deployed on the network, this corresponds to more than 8.5% of the computing power controlled by Marathon.
In the wake of this announcement, KAS has climbed nearly 9.5% over the last 24 hours. At the time of writing, the cryptocurrency is trading at $0.176 per unit, with a market capitalization of $4.2 billion.
For its part, MARA stock is valued at $19.37, with a market capitalization of $5.29 billion.
