The mining firm Marathon Digital Holdings has commenced mining Kaspa (KAS) as part of its strategy to diversify revenue streams.
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
Company representatives emphasized that this move does not signal a shift away from their primary focus on Bitcoin.
“Once fully deployed, Kaspa will account for only 1% of our capacity,” assured Robert Samuels, Marathon’s Vice President of Investor Relations.
Marathon Digital stated that the initiative has allowed them to “capitalize on higher margins” achievable with Kaspa mining machines. In some instances, this figure reaches 95%, according to the announcement.
“Marathon is uniquely positioned to mine KAS […] among those who can deploy Kaspa ASIC today,” the company noted.
For this purpose, Marathon has acquired approximately 60 petahashes of ASIC KS3, KS5, and KS5 Pro. Half of these are already operational, with the remainder to be installed in the third quarter.
Since the launch of the first batch of Kaspa devices in September 2023, Marathon has mined 93 million KAS ($16 million). Since then, the tokens have surged by 420%, while Bitcoin has risen by 135%.
Kaspa ranks as the fifth-largest asset on the Proof-of-Work algorithm, which can be mined using specialized equipment.
The asset’s market capitalization has exceeded $4.2 billion. Following the announcement, KAS’s daily growth rate increased to 11%, and trading volume rose by 155%.
In April 2024, Forbes included Kaspa in its list of 20 “zombie blockchains.”
Back in May 2023, Bitmain began accepting orders for the KS3 device for KAS mining.
Previously, the company released specialized miners for Handshake (HNS) and Filecoin (FIL).