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Bitcoin Miner Marathon Mined $15M Worth Kaspa Tokens to Diversify Revenue
The miner has mined 93 million of KAS tokens since Sept. 2023.
- Marathon has mined 93 million of KAS tokens since Sept. 2023, valued at about $15 million.
- The miner has brought 30 petahash worth of machines online to mine Kaspa, while 30 more will be starting by the third quarter.
Bitcoin BTC$85,174 miner Marathon Digital (MARA) is now a multi-coincrypto miner, after it started mining layer 1 protocol Kaspa KAS$0 to diversify its mining revenue.
Kaspa uses a proof-of-work (PoW) consensus mechanism called GHOSTDAG protocol, and unlike bitcoin, it allows multiple blocks to be produced simultaneously. This process helps make transactions faster and provides more block rewards for miners, according to a statement from Marathon.
STORY CONTINUES BELOW
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“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,” said Adam Swick, Marathon’s chief growth officer in the statement.
The Kaspa token's price has risennearly 50% this year, while bitcoin climbed 44%. The broader CoinDesk 20 index is up nearly 16% in the same time period.
Marathon started mining Kaspa in September of last year after bringing the first mining computer online. The miner has bought 60 petahash worth of mining machines that can generate profit margins of up to 95%, according to the statement. Marathon has 30 petahash worth of mining rigs operational in its Texas sites; the rest will be online by the third quarter. The company has mined 93 million KAS, which is valued at about $15 million.
Bitcoin miners have been looking to diversify their revenue after crypto winter, and recent halving has made the industry more competitive. Many miners have pivoted to using their current infrastructure to allow for artificial intelligence (AI) and other computing needs. Meanwhile, some miners, including Marathon, have opted to monetize other layers of bitcoin to earn extra revenue.
UPDATE (June 26, 20:53 UTC): Updates headline and sub-headline to clarify amount of tokens mined and 5th paragraph to say 30 petahash worth of machines.
Read more: Bitcoin Miner Marathon to Start 'Slipstream' to Make Complex BTC Transactions Faster
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
