Marathon Digital Holdings has recently disclosed their involvement in mining Kaspa (KAS), which has led to a significant increase in the KAS price, reaching $0.1794 after a 12% surge within 24 hours.
As a prominent Bitcoin mining entity that generated nearly $400 million in revenue last year, Marathon Digital’s entry into Kaspa mining is noteworthy.
The company’s engagement with Kaspa mining has drawn the attention of major financial institutions, potentially including BlackRock and Vanguard, who are among Marathon Digital’s top shareholders. This could suggest that these institutions now have indirect exposure to Kaspa through their investments.
This move by Marathon Digital is seen as a positive development for Kaspa, as it could enhance the cryptocurrency’s credibility and spark further interest within the financial industry.
Marathon Digital has successfully mined approximately 93 million Kaspa, valued at around $15 million. They have invested in KS3, KS5, and KS5 Pro ASIC miners, with 30 petahash currently operational in Texas and plans to fully energize the remaining capacity by the third quarter of 2024.
The company’s Chief Growth Officer highlighted that mining Kaspa diversifies their revenue streams beyond Bitcoin and capitalizes on their expertise in digital asset computation. With favorable network conditions, their Kaspa mining operations could yield profit margins as high as 95%.
Marathon Digital’s strategic move to mine Kaspa may inspire other publicly traded mining companies to consider diversifying their operations, which could lead to broader adoption and growth of emerging cryptocurrencies.”
Source: captainaltcoin.com