Marathon Digital Diversifies from Bitcoin, Mines $16M Worth of Kaspa
Bitcoin mining giant Marathon Digital has announced its foray into mining Kaspa (KAS), a token designed to address Bitcoin’s scalability issue, as part of its diversification strategy.
Since September, Marathon Digital has mined approximately $16 million worth of Kaspa tokens, aiming to capitalize on the higher profit margins associated with Kaspa mining machines, which have reached up to 95% in some cases, the firm said in a recent press release.
“By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin,” Adam Swick, Marathon’s chief growth officer, said.
Swick further emphasized that Marathon was well-positioned to mine Kaspa and take advantage of the enhanced margins available to those who deploy Kaspa ASICs.
Since deploying its first batch of Kaspa miners in September 2023, Marathon has mined a total of 93 million KAS tokens.
Notably, the value of KAS has surged by 420% during this period, while Bitcoin has experienced a 135% increase.
Marathon has acquired around 60 petahashes of KS3, KS5, and KS5 Pro ASICs specifically for Kaspa mining, with half of the equipment currently operational and the rest scheduled to be installed in the third quarter.
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 (@MarathonDH) June 26, 2024
However, Robert Samuels, Marathon’s Vice President of Investor Relations, clarified that the company’s primary focus remains on Bitcoin.
Samuels emphasized that Kaspa mining represents only 1% of Marathon’s energy capacity once fully deployed,
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