Marathon Expands to Altcoin Mining with 30 PH/s on Kaspa

Marathon Digital (NASDAQ: MARA) Holdings, the largest public Bitcoin mining firm by market cap and installed hashrate, has expanded into altcoin mining with 30 PH/s of hashing power dedicated to mining the Kaspa token.

Marathon said in a release on Wednesday that it deployed its first Kaspa miner in September to create a diversified revenue stream in anticipation of bitcoin’s hashprice decline after the halving. Since then it has mined 93 million KAS, worth $15 million as of June 25

According to CoinMarketCap, KAS currently has a market capitalization of $4.2 billion with a circulating supply of 24 billion units. The token’s price jumped 6% following Marathon’s announcement.

Marathon also stated that it has purchased approximately 60 PH/s of Kaspa ASIC miners from Bitmain, including the Antminer KS3, KS5, and KS5 Pro. The remaining 30 PH/s is expected to be operational in Q3, according to the company.

Data from ASICMinerValue indicates that Bitmain rolled out the KS3 model in August 2023, and the KS5 and KS5 Pro in March.

At an energy rate of $0.12/kWh, the KS3 and KS5 Pro are estimated to mine a daily revenue of $35.05 with a 73% gross margin, and a daily revenue of $89.75 with a gross margin of 90%, respectively.