Marathon Digital Mines $15 Million Worth of Kaspa Tokens to Diversify Revenue Streams

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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