Marathon Digital announces Kaspa mining operations

Marathon Digital Holdings announced that the company is mining Kaspa or KAS, a proof-of-work, PoW, digital asset, to further diversify its portfolio of digital asset compute. Kaspa is currently the fifth largest proof-of-work digital asset by market cap. It boasts a market cap of $3.9B with approximately $64.8M in daily trading volume as of June 25. The circulating supply is approximately 24 billion KAS with a current block reward of 103.83 KAS, and the terminal supply is capped at 28.7B KAS. Similar to Bitcoin, Kaspa is an open-source, decentralized, and fully scalable Layer-1 protocol that uses proof-of-work as its consensus mechanism. However, unlike Bitcoin’s blockchain, which is linear and processes one block every ten minutes, Kaspa utilizes a BlockDAG that enables multiple blocks to be produced simultaneously. The Kaspa network currently processes one block every second, allowing for faster transactions and providing Kaspa miners with the opportunity to potentially earn more block rewards in a given time frame. In May 2023, Marathon began evaluating Kaspa as a potential way to diversify its revenue while continuing to utilize its current infrastructure and expertise in digital asset compute. After successfully deploying its first Kaspa ASICs in September 2023, the Company began scaling its operations. As of June 25 Marathon has mined 93 million KAS, which are currently valued at approximately $15M.