Marathon Digital Holdings, a leading company in digital asset compute, announced its expansion into mining Kaspa (KAS), a proof-of-work digital asset. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million, according to Marathon Blog.
Kaspa’s Market Position
Kaspa is currently the fifth-largest proof-of-work digital asset by market cap, boasting a market cap of $3.9 billion and a daily trading volume of approximately $64.8 million as of June 25, 2024. The circulating supply stands at around 24 billion KAS, with a terminal supply cap of 28.7 billion KAS. Unlike Bitcoin’s linear blockchain, Kaspa utilizes a BlockDAG, which allows for the simultaneous production of multiple blocks, resulting in faster transactions.
Marathon’s Strategic Move
In May 2023, Marathon began evaluating Kaspa as a potential addition to diversify its revenue streams. By September 2023, the company had successfully deployed its first Kaspa ASICs and scaled its operations. Currently, Marathon has purchased approximately 60 petahash of KS3, KS5, and KS5 Pro ASICs, with 30 petahash operational in Texas and the rest expected to be fully energized by Q3 2024.
Operational and Financial Highlights
Marathon’s chief growth officer, Adam Swick, stated, “By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin and is directly tied to our core competencies in digital asset compute.” He highlighted the company’s existing infrastructure, strong relationships with hardware manufacturers, and expertise in digital asset compute as key factors enabling them to capitalize on the higher margins of Kaspa mining.
Investor Notice and Forward-Looking Statements
Marathon Digital Holdings advised potential investors to carefully consider the risks and uncertainties outlined in their most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company also issued forward-looking statements, cautioning readers about potential risks and uncertainties that could affect actual results.
About Marathon Digital Holdings
Marathon Digital Holdings (NASDAQ:MARA) is a global leader in digital asset compute, developing and deploying innovative technologies to build a more sustainable and inclusive future. The company secures blockchain ledgers and supports energy transformation by converting clean, stranded, or underutilized energy into economic value.
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