According to COINDESK on June 27, 2024, Marathon, a mining giant from the U.S., publicly claimed that the miner has mined 93 million of KAS tokens worth about $15 million since Sept. 2023.
Bitcoin miner Marathon Digital (MARA) is now a multi-coin crypto miner, after it started mining layer 1 protocol Kaspa 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.
“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.
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. The company has mined 93 million KAS, which is valued at about $15 million.
The Kaspa token’s price has risen nearly 50% this year, while bitcoin climbed 44%. In the wake of the cryptocurrency winter, cryptocurrency miners have been looking to diversify their income, and KAS coin is probably the most popular among cryptocurrency miners at the moment outside of Bitcoin.
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