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Marathon Digital Holdings Announces Kaspa Mining

Marathon’s Move into Kaspa

Marathon Digital Holdings, Inc. has announced a strategic move to diversify its digital asset portfolio by mining Kaspa (KAS), currently ranked fifth by market capitalization among proof-of-work (PoW) digital assets. Kaspa boasts a market cap of $3.9 billion and a daily trading volume around $64.8 million as of June 25, 2024, presenting Marathon with a significant opportunity to expand its revenue streams in the digital asset computing sector.

Kaspa operates on a decentralized Layer-1 protocol using proof-of-work consensus, similar to Bitcoin, but distinguishes itself with a BlockDAG (Directed Acyclic Graph) structure, enabling rapid transaction processing at one block per second, which enhances profitability potential for miners.

Marathon Digital Holdings began exploring Kaspa’s mining prospects in May 2023, leveraging its existing infrastructure and expertise. After deploying its first Kaspa-specific ASICs successfully in September 2023, Marathon has scaled its operations aggressively.

Currently, Marathon has acquired approximately 60 petahash of KS3, KS5, and KS5 Pro ASICs, projected by ASIC Miner Value to generate up to 95% profit margins based on current network difficulty rates and KAS prices. Presently, 30 petahash of Marathon’s Kaspa ASICs are operational at self-owned facilities in Texas, with plans for full operational capacity by Q3 2024. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million.

Adam Swick, Chief Growth Officer at Marathon, emphasized the strategic importance of diversifying revenue streams beyond Bitcoin through Kaspa mining. With robust infrastructure, strategic hardware partnerships, a strong balance sheet, and an expert team, Marathon aims to capitalize on early ASIC adoption advantages in the Kaspa ecosystem. The company remains committed to driving innovation in proof-of-work ecosystems and expanding its leadership in digital asset computing.

For further information about Marathon Digital Holdings’ expansion into Kaspa mining and ongoing developments, please visit [Marathon’s official website/link].

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