Bitcoin mining firm Marathon Digital Holdings has reported mining $16 million value of Kaspa (KAS) tokens since September 2023. 

In a June 26 press release, Adam Swick, Marathon’s Chief Progress Officer, defined the technique used to perform this milestone:

By mining Kaspa, we’re in a position to create a stream of income that’s diversified from Bitcoin, and that’s straight tied to our core competencies in digital asset compute

Furthermore, the corporate has invested in roughly 60 petahashes of KS3, KS5, and KS5 Professional ASICs for Kaspa mining, with half at present operational and the rest slated for set up within the third quarter.

This transfer into Kaspa mining permits Marathon to leverage the upper revenue margins related to KAS, which have reached up to 95% in some circumstances.

Regardless of the success of this initiative, Marathon emphasizes that this doesn’t signify a shift away from its main give attention to Bitcoin. Robert Samuels, Vice President of Investor Relations, said, “Kaspa will represent just 1% of our energy capacity once fully deployed,” clarifying that the corporate shouldn’t be pivoting from its core Bitcoin mining operations.

Since Marathon started mining Kaspa, KAS tokens have appreciated by 420%, outpacing Bitcoin’s 135% improve over the identical interval The token is at present buying and selling at $0.1819, a 13% surge within the final 24 hours. 

Moreover, the corporate has mined 93 million KAS tokens up to now whereas additionally producing 9,761 Bitcoin valued at $594.9 million throughout the identical timeframe.

Kaspa, designed to handle Bitcoin’s scalability points, makes use of a BlockDAG structure that permits for quicker transaction processing. Nevertheless, it nonetheless lags considerably behind Bitcoin when it comes to community exercise and adoption.

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