Bitcoin Miner Marathon Mined $15M Worth Kaspa Tokens to Diversify Revenue

Marathon has issued 93 million KAS tokens since September 2023, worth approximately $15 million.

The miner has brought 30 petahash worth of machines online for Kaspa mining, with another 30 machines set to launch in the third quarter.

Bitcoin {{BTC}} miner Marathon Digital (MARA) is now a multi-coin crypto miner after it started mining layer 1 protocol Kaspa {{KAS}} to diversify its mining revenue.

Kaspa uses a proof-of-work (PoW) consensus mechanism called the GHOSTDAG protocol and, unlike Bitcoin, allows multiple blocks to be produced simultaneously. According to the statement made by Marathon, this process helps make transactions faster and provides more block rewards for miners.

“By mining Kaspa, we are able to create a revenue stream from Bitcoin that is diversified and directly tied to our core competencies in digital asset computation,” Marathon chief growth officer Adam Swick said in a statement.

The price of the Kaspa token is up almost 50% this year, while Bitcoin is up 44%. The broader CoinDesk 20 index is up about 16% over the same period.

Marathon started mining Kaspa in September last year after bringing its first mining computer online. According to the statement, the miner purchased 60 petahash worth of mining machines that can produce profit margins of up to 95%. Marathon, Texas has 30 petahash worth of mining rigs at its facilities; the rest will come online in the third quarter. The company has mined 93 million KAS, worth approximately $15 million.

Bitcoin miners were trying to diversify their income after the crypto winter, and the recent halving made the industry more competitive. Many miners have turned to using their existing infrastructure to enable artificial intelligence (AI) and other computing needs. Meanwhile, some miners, including Marathon, have opted to cash out other bitcoin tiers to earn extra revenue.

UPDATE (June 26, 20:53 UTC): Updated the title and subheading to clarify the amount of tokens issued, and in the 5th paragraph it is stated that there are 30 petahash worth of machines.

Read more: Bitcoin Miner Marathon to Launch ‘Slipstream’ to Make Complex BTC Transactions Faster