US-listed Bitcoin mining company Marathon Digital announced on Wednesday that it is diversifying its mining revenue by mining native token KAS of Layer 1 protocol Kaspa. In a statement, Marathon that Kaspa uses Proof of Work as its consensus mechanism but differs from Bitcoin’s blockchain by BlockDAG, allowing multiple blocks to be produced simultaneously. Currently, the Kaspa processes one block per second, which speeds up transaction speed and provides miners with the opportunity to potentially earn more block rewards within a specific timeframe.
Marathon’s Chief Growth Officer Adam Swick stated that following release of the aforementioned statement, the price of KAS tokens rose nearly 8% 8 hours. The token has seen an increase of almost 60% since the beginning of year, surpassing Bitcoin’s approximately 44% increase. As of now, the trading price for KAS is $0..
According to Marathon’s statement, the company began evaluating Kaspa as a potential means revenue diversification in May last year and started expanding its Kaspa mining operations after deploying its first mining machine in September. As of June 25th, Marathon has mined around 93 million KAS tokens worth approximately $15 million.
After enduring the cryptocurrency winter, Bitcoin miners have been searching for revenue diversification amidst intensified competition in the industry due to recent halving events. Many miners have turned to utilizing their existing infrastructure to meet artificial intelligence (AI) and other computing needs.
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