Bitcoin Miner Marathon Digital Ventures into Multi-Coin Mining

Marathon Digital (MARA), a significant player in the Bitcoin (BTC) mining sector, has expanded its operations by venturing into multi-coin mining. The company has recently started mining the layer 1 protocol Kaspa (KAS) to diversify its mining revenue streams.

Kaspa operates using a proof-of-work (PoW) consensus mechanism known as the GHOSTDAG protocol. This protocol allows for the simultaneous production of multiple blocks, leading to faster transactions and increased block rewards for miners. Marathon’s decision to mine Kaspa aims to create an additional revenue stream that is independent of Bitcoin, leveraging the company’s expertise in digital asset compute.

Adam Swick, Marathon’s chief growth officer, emphasized the strategic move, stating, “By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin and that is directly tied to our core competencies in digital asset compute.”

Since the beginning of this year, the price of the Kaspa token has surged by almost 50%, outperforming Bitcoin’s 44% increase. Marathon’s foray into Kaspa mining marks a proactive step in adapting to the evolving landscape of the cryptocurrency market.

Marathon initiated its Kaspa mining operations in September last year by bringing its first mining computer online. The company has invested in 60 petahash of mining machines capable of generating profit margins of up to 95%. Currently, Marathon has 30 operational mining rigs in its Texas facilities, with plans to bring the remaining rigs online by the third quarter.

With a total of 93 million KAS tokens already mined, valued at approximately $15 million, Marathon’s diversification strategy is proving to be a lucrative endeavor. The company’s innovative approach reflects the broader trend within the Bitcoin mining industry, where players are exploring new avenues to optimize revenue streams and maintain competitiveness in the market.