JAKARTA - Marathon Digital Holdings Inc., a digital mining company, has taken bold steps by adding cash (KAS), a proof-of-work-based digital asset, to its operational portfolio. This initiative has had a significant impact, with the company successfully mining 93 million KAS, which is worth around IDR 245 billion (equivalent to 15 million US Dollars) on June 25, 2024.
Marathon Digital's decision to enter kaspa mining marks a strategic shift towards asset diversification beyond bitcoin (BTC). Kaspa is known for its fast processing capabilities through the Blockdag system, which allows the production of multiple blocks simultaneously. Unlike the slower Bitcoin linear blockchain, Kaspa can process one block per second.
Marathon began exploration of cash mining in May 2023, leveraging existing infrastructure and expertise in computing digital assets. This step is in line with the trend of the crypto industry which is increasingly prioritizing asset allocation diversification. In addition to alternative digital assets, bitcoin miners such as Marathon are also interested in the computational processing of artificial intelligence (AI).
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Quoted from Bitcoin.com News, Adam Swick, Chief Growth Officer Marathon, explained By mining kaspa, we created a diversified revenue stream from bitcoin, and this is directly related to our core competence in computing digital assets.
Swick also added Armed with existing infrastructure, unique relationships with hardware manufacturers, strong balance sheets, and the expertise of our team, Marathon is in a unique position to mine kaspa.
In September 2023, Marathon announced the implementation of its first Kaspa special integrated circuit (ASIC) and increased its operations. With investments of about 60 petahashes from ASIC KS3, KS5, and KS5 Pro, the company is benefiting from high margins, given current network difficulties and cash prices (KAS). Currently, 30 petahashes from the ASIC Kaspa Marathon operate in Texas, with plans to activate the rest in the third quarter of 2024.
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