Bitcoin Miner Marathon Mined $15M Worth Kaspa Tokens to Diversify Revenue

Bitcoin

(BTC)
miner
Marathon
Digital
(MARA)
is
now
a
multi-coin
crypto
miner,
after
it
started
mining
layer
1
protocol
Kaspa

(KAS)
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.

The
Kaspa
token’s
price
has
risen
nearly
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