Marathon Digital Holdings (MARA) diversifies revenue streams by adding Kaspa (KAS) token mining to its Bitcoin (BTC) mining operations.
- Since September 2023, Marathon has mined 93 million KAS tokens, valued at roughly $15 million.
- The company has deployed 30 petahash of mining machines for Kaspa, with an additional 30 petahash to be operational by Q3 2024.
- Kaspa’s GHOSTDAG protocol allows for faster transactions and increased miner rewards compared to Bitcoin’s mining process.
Marathon’s Chief Growth Officer, Adam Swick, highlights the strategic benefit of Kaspa mining:
“By mining Kaspa, we establish a revenue stream independent of Bitcoin, while leveraging our core competency in digital asset computation.”
Kspa token price outpaces Bitcoin’s growth in 2024:
- Kaspa surges nearly 50%, while Bitcoin rises by 44%.
- The broader CoinDesk 20 index experiences a gain of almost 16% year-to-date.
Marathon’s Kaspa mining journey began in September 2023:
- The company acquired 60 petahash of mining machines boasting profit margins of up to 95%.
- Currently, 30 petahash of mining rigs operate in Texas, with the remainder expected online by Q3.
Bitcoin miners seek revenue diversification in response to market conditions:
- The crypto winter and recent Bitcoin halving have intensified competition.
- Some miners have repurposed infrastructure for AI and other computing needs.
- Marathon is among those exploring alternative revenue streams within the crypto space.
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