Marathon Digital Holdings, a leading crypto-focused platform, has announced that its Kaspa mining operations have generated approximately $15 million worth of KAS since its inception in September. The move to mine Kaspa was part of Marathon's strategy to diversify its mining operations.

Kaspa, currently the 5th largest Proof-of-Work (PoW) crypto asset, has a market cap of $3.9 billion and trading volumes of $64.8 million. It shares similarities with Bitcoin in terms of decentralization and open sourcing, but employs a BlockDAG, allowing for the simultaneous processing of multiple blocks.

Marathon has purchased 60 petahash of KS3, KS5, and KS5 Pro ASICs, each capable of generating profit margins of 95% at the existing network difficulty. The company already runs 30 petahash of Kaspa mining ASICs in Texas, with more set to arrive in Q3 2024.

Marathon's Chief Growth Officer, Adam Swick, stated that mining Kaspa creates a revenue stream diversified from Bitcoin, directly tied to Marathon's core competencies in digital asset compute. Following Bitcoin's significant price drop in 2022, miners have been seeking ways to diversify their revenue, with some turning to AI and computing needs, while others opt to mine other cryptos.