Major Bitcoin miner Marathon Digital has mined over $16 million worth of Kaspa (KAS) to diversify from Bitcoin, causing KAS to surge 13%. Announced on June 26, this move aims to leverage higher margins achievable with Kaspa mining machines, reaching up to 95% in some cases.
Marathon began mining Kaspa in September last year, purchasing around 60 petahashes of KS3, KS5, and KS5 Pro ASICs for this purpose, with half currently operational. Trading volume for KAS has surged 145% in the past 24 hours, with a 10% price rise.
Kaspa uses the GhostDAG protocol, a proof-of-work consensus mechanism allowing faster block times and higher transaction throughput. This method enables multiple blocks to be produced simultaneously, speeding up transactions and boosting block rewards for miners.
KAS now ranks 24th globally with a market cap of $4.2 billion, trading at $0.1759. The token has risen 50% this year, outperforming Bitcoin’s 44% increase. This strategic diversification offers Marathon a new revenue stream tied to their core competencies in digital asset compute, showcasing the adaptability and innovation within the crypto mining sector.
