Marathon Digital Mines Kaspa Worth $16 Million to Diversify From Bitcoin
Crypto mining firm Marathon Digital has disclosed mining $16 million in Kaspa since last September in an effort to diversify from BTC. In its latest statement, the company argued that the move will boost its revenue by significant margins in the future.
Marathon Digital Plans to Deploy Additional Kaspa Mining Machines This Year
Marathon Digital Chief Growth Director Adama Swick said the firm will continue to deploy more Kaspa ASICs over the coming months. The company has bought 60 Kaspa machines since last year, but only 32 are in operation. Swick revealed they plan to deploy all ASICs before the end of 2024.
Since September, Marathon Digital has mined more than 90 million Kapsa (KAS) tokens, which have seen their value increase by 415% since then. By comparison, Bitcoin has surged 134% within that duration.
“We Are not Abandoning Bitcoin,” Marathon Digital Executive Says
Robert Samuels, the Vice President of Investor Relations at Marathon Digital, has said that the decision to mine KAS doesn’t change the firm’s main focus, which is mining Bitcoin. In an X post, Samuels said on Thursday that Kaspa only represents 1% of Marathon Digital’s energy capacity.
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The mining company has generated $594.8 million in revenue from Bitcoin mining activities since last September. That means Kaspa mining only makes up a small percentage of Marathon Digital’s total revenue.
Following Marathon Digital’s announcement, Kapsa has rallied 4.9% in the past 24 hours to trade at $0.1814 as of this writing. According to data from CoinMarketCap, KAS has a market capitalization of $4.3 billion, with 24 billion tokens in circulation.
Kaspa vs. Bitcoin
Like Bitcoin, Kaspa is a proof-of-work network and facilitates crypto transactions using its own token. The major difference between the two networks is that Kapsa adopts the Direct Acyclic Graph-derived architecture, which allows blocks to be added to the blockchain simultaneously instead of linearly like Bitcoin. This enables Kapsa to generate new blocks faster than the Bitcoin network.
Nonetheless, Bitcoin continues to dominate Kaspa in terms of users, attracting over 700,000 daily users compared to Kaspa’s average of 20,000.
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