Marathon Digital, a Bitcoin (BTC) mining company listed in the United States, announced on Wednesday (26th) that it is diversifying its mining revenue by mining the native token KAS of the Layer 1 protocol Kaspa.
According to Marathon’s statement, Kaspa uses Proof of Work as its consensus mechanism, but unlike Bitcoin’s blockchain, Kaspa adopts BlockDAG, a mechanism that allows multiple blocks to be produced simultaneously. Currently, the Kaspa network processes one block per second, which speeds up transaction speed and provides miners with the opportunity to potentially earn more block rewards within a specific timeframe.
Adam Swick, Marathon’s Chief Growth Officer, stated that after Marathon released the above statement, the price of the KAS token rose nearly 8% within 8 hours. The token has seen an increase of nearly 60% since the beginning of the year, surpassing Bitcoin’s approximately 44% increase. As of the time of writing, the KAS trading price is $0.181.
Marathon stated in the announcement that the company began evaluating Kaspa as a potential way to diversify its revenue in May last year and started expanding its Kaspa mining operations after deploying the first mining machine in September. As of June 25th, Marathon has mined approximately 93 million KAS tokens, valued at around $15 million.
After the cryptocurrency winter, Bitcoin miners have been seeking revenue diversification, and the recent halving has intensified competition in the industry. Many miners are now utilizing their existing infrastructure to meet the demands of artificial intelligence (AI) and other computational needs.
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