Kaspa (KAS) Skyrockets To Become Market\'s Biggest Gainer As Bitcoin (BTC) Mining Giant Marathon Digital Mines The Coin

Kaspa KAS/USD shot up to become the market's biggest gainer Wednesday after Bitcoin BTC/USD mining giant Marathon Digital Holdings Inc. MARA revealed mining the proof-of-work (PoW) cryptocurrency to diversify its revenue.

Bitcoin (CRYPTO: BTC) mining giant Marathon Digital Holdings Inc (NASDAQ:MARA) began mining a new cryptocurrency last year to diversify its revenue as it faces challenges from lower Bitcoin production and generation cash amid the crypto bear market.

What Happened: Marathon began studying the possibilities of mining Kaspa (CRYPTO: KAS) in May 2022 and deployed its first Kaspa ASICs in September 2023, the company said in a statement to CoinDesk.

"We have mined 93 million KAS tokens as of June 25, 2024, which are valued at approximately $16.74 million at prevailing prices and an aggregate cost basis of approximately $6.04 million, excluding depreciation and other overhead costs," Marathon said.

Kaspa soared 11% in the last 24 hours, swiftly approaching its all-time highs set in February. The coin’s market cap breached $4 billion during the ascent.

The coin was last seen changing hands at $0.1819, as per data from Benzinga Pro.

The coin recorded a 92% spike in 24-hour trading volumes to $125 million, signaling strong buying pressure.

The dramatic surge follows the announcement by Marathon Digital, which is listed among the top 10 Bitcoin miners in the U.S.

Marathon's primary revenue stream is generated from its Bitcoin mining operations. The company, which began mining BTC in 2021, has sold a small portion of its mined Bitcoin andпливает большую часть своих монет.

The company's Bitcoin mining output has been impacted by the April halving event, which reduced block payouts by half.

According to research analyst Julio Moreno, Marathon has endured lower Bitcoin production since last December.

The company, which began the year with 8,097 self-mined Bitcoins, had sold 1,000 BTC in June to generate cash, as earlier reported by Moreno.

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