Analyst “𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐫𝐨𝐬𝐞𝐥𝐲𝐭𝐞” recently announced on Twitter that Kaspa’s hashrate has peaked at 645 PH/s. The hashrate has consistently been one of the strongest value propositions for Kaspa.
The KAS price has seen a modest 3% increase this week and is currently trading around $0.18.
Marathon’s Impact on Kaspa Mining
It’s been approximately one month since Marathon Digital Holdings (Mara) announced they had started mining KAS to diversify their portfolio. Since then, Kaspa’s hashrate has increased by roughly 100 PH/s.
We know that Mara had purchased 60 PH of mining machines, but the additional increase suggests that other major Bitcoin mining companies have joined Mara in mining KAS, likely due to its higher profitability compared to Bitcoin.
#Kaspa's hashrate peaking at 645 PH/s !@KaspaCurrency It’s been around 1 month since Mara announced they had started mining $KAS to diversify. Since then Kaspa’s hashrate has increased by roughly 100 PH/s to date , in addition we know that Mara had purchased 60 PH of mining… pic.twitter.com/1SKhxKQsag
— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐫𝐨𝐬𝐞𝐥𝐲𝐭𝐞 (@Crypt0Proselyte) July 28, 2024
Some have speculated that Mara might sell their mining profits to purchase more Bitcoin. However, this seems unlikely for several reasons:
Increased Hashrate: By dedicating a significant portion of their computational power to mining Kaspa, Marathon is contributing to the overall hashrate of the Kaspa network. A higher hashrate enhances the network’s security and stability, making it more resilient.
Network Growth: The involvement of a major player like Marathon brings more attention and credibility to Kaspa. This can attract more miners and investors, stimulating further growth and development within the Kaspa community.
Strategic Diversification: Marathon’s strategy to diversify its mining operations by including Kaspa demonstrates confidence in the potential of the project. This diversification may also encourage other mining companies to explore and invest in Kaspa, further strengthening the network.
The adoption of Kaspa appears to be on track, with increasing interest from both individual and institutional miners. As more players enter the Kaspa mining space, we may see continued growth in both hashrate and network stability.
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While the current price movement has been modest, the increasing hashrate and growing adoption could potentially lead to more significant price action in the future.
Read also: JasmyCoin Breaks Crucial Resistance, JASMY Price Eyes New ATH
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The post Kaspa Hashrate Peaks – Why This is Bullish for KAS Price appeared first on CaptainAltcoin.