Bitcoin(BTC)miningfirmMarathonDigitalhasannouncedthatitnowminesKaspa(KAS),alayer-1proof-of-work(PoW)coin.
Bitcoin(BTC)miningcompanyMarathonDigitalhasannouncedthatitisnowalsominingKaspa(KAS),alayer-1proof-of-work(PoW)coin.InapressreleaseonWednesday,Marathonsaidtheminingoperationshadseenthecompanygenerate93millionKASasofJune25.ThevalueoftheKaspatokensminedwasaround$15millionatthetime.MarathonlaunchesKaspa(KAS)miningtodiversifyrevenueThemovetolaunchKASminingispartofMarathon’sstrategytodiversifyitsrevenuestreams,accordingtothecompany.“ByminingKaspa,weareabletocreateastreamofrevenuethatisdiversifiedfromBitcoin,andthatisdirectlytiedtoourcorecompetenciesindigitalassetcompute,”saidAdamSwick,Marathon'schiefgrowthofficer.Swickcommentedfurtheronthedecision,adding:“Becauseofourexistinginfrastructure,ouruniquerelationshipswithhardwaremanufacturers,ourstrongbalancesheet,andtheexpertiseofourteam,MarathonwasuniquelypositionedtomineKaspaandtocapitalizeonthehighermarginsthatexistforthosewhocandeployKaspaASICstoday.Kasparanksas5th-largestproof-of-workcoinKaspacurrentlyranksastheworld’sfifth-largestPoWcoinbymarketcapitalizationwithover$4.1billion,accordingtodatafromCoinGecko.TopPoWcoinsaboveKaspabymarketcapareLitecoin,BitcoinCash,DogecoinandBitcoin,respectively.AsofWednesday,thecryptocurrencywasranked28thoverallbymarketcapandwasseeingover$56millionindailytradingvolume.Kaspahasamaximumsupplyof28.7billionKAS,withcirculatingsupplyat24billionKAS.Thenetwork'sblockrewardiscurrently103.83KAS.WhileBitcoinproducesoneblockevery10minutes,Kaspa’sBlockDAGmechanismallowsforoneblockpersecond,whichenablesfastertransactions.Marathon'sKaspaminingpowerMarathonfirstbeganexploringKaspamininginMay2023,anddeployeditsfirstASICsforthealtcoininSeptember.Thecompanyscaledthisnewminingoperation,acquiring60petahashofKaspaASICs.ASICMinerValueestimatesthatthesemachinescangenerateprofitsofupto95%marginsbasedonthecurrentKASpriceandnetworkdifficulty.Marathoncurrentlyhas50%ofitsKaspaminingcapacity(30petahash)operatingatthecompany’sfacilitiesinTexas,anditexpectstohavetheremainingcapacityfullyoperationalinQ32024.ThepriceofKASwasup9%over24hours,tradingat$0.175onWednesdayat5:13pmET.
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