The post Marathon Digital Mines Millions In KAS As Kaspa Surges appeared on BitcoinEthereumNews.com.

The price of KAS is up 600% in the past 12 months. Marathon Digital, a major Bitcoin mining company boasting a $5.48 billion market cap, announced it is mining KAS, the native asset of the surging Kaspa network. On June 26, Marathon Digital revealed that it has mined 93 million KAS tokens (now worth $15 million) since September 2023. Marathon said it first began exploring mining KAS as a means to diversify its revenue beyond Bitcoin mining, with KAS offering profit margins of up to 95%. “By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin,” said Adam Swick, Marathon’s chief growth officer. “Because of our existing infrastructure, [and] our unique relationships with hardware manufacturers… Marathon was uniquely positioned to mine Kaspa and to capitalize on the higher margins.” Marathon said it purchased Application Specific Integrated Chip (ASIC) miners from Bitmain capable of driving 60 petahashes per second (PH/s) worth of KAS mining power. However, only half of its miners are currently operational, with the company planning to bring the remaining ASICs online during Q3 2024. Robert Samuels, Marathon’s vice president of investor relations, emphasized that only 1% of the firm’s energy capacity will be utilized for KAS mining. “To say we are ‘pivoting’ is wrong and irresponsible,” Samuels said. Marathon mined 9,761 Bitcoin worth $594.9 million since September 2023, meaning its KAS operations brought in the equivalent of 2.7% of its BTC mining revenues. Kaspa roars to contention The price of KAS rallied 9% in 24 hours, according to The Defiant’s crypto price feeds, raising the value of Marathon’s KAS holdings to $16 million. Kaspa has quietly risen through the digital asset rankings over the past 12 months with a 600% increase in the price of KAS propelling the asset to rank…

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Filed under: News - @ June 28, 2024 2:28 am