Marathon Digital, a U.S.-listed Bitcoin (BTC) mining company, announced on Wednesday (26th) that it is mining KAS, the native token of Layer 1 protocol Kaspa, to diversify its mining revenue.
Marathon said in a statement that Kaspa uses Proof of Work as its consensus mechanism, but unlike Bitcoin’s blockchain, Kaspa uses BlockDAG, which allows multiple blocks to be produced at the same time. The Kaspa network currently processes one block per second, speeding up transactions and providing miners with the opportunity to potentially earn more block rewards within a given period of time.
Adam Swick, Chief Growth Officer of Marathon said:
"By mining Kaspa, we are able to create a diversified revenue stream that is different from Bitcoin and is directly related to our core competencies in digital asset computing."
The price of the KAS token rose nearly 8% in eight hours following Marathon’s announcement, bringing the token’s year-to-date gain to nearly 60%, ahead of Bitcoin’s roughly 44% gain. KAS was trading at $0.181 at press time.
Marathon said in a statement that it began evaluating Kaspa as a potential way to diversify revenue last May and began scaling up Kaspa mining operations after deploying its first mining rig in September. As of June 25, Marathon had dug up 93 million KAS, worth about $15 million.
Bitcoin miners have been looking to diversify their income after the cryptocurrency winter, and the recent halving has made the industry more competitive. Many miners are turning to their existing infrastructure for artificial intelligence (AI) and other computing needs.
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This article Bitcoin mining company Marathon announces Kaspa mining business to diversify revenue first appeared on Zombit.