Kaspa soars 13% after Marathon Digital announces mining support

Kaspa soars 13% after Marathon Digital announces mining support

KAS, the native cryptocurrency of the Kaspa blockchain that operates on a proof-of-work model, has experienced an extraordinary 13% increase in the past 24 hours since Marathon Digital, a major Bitcoin mining company, announced that it has begun mining this altcoin. 

KAS recently traded at $0.1792, having a market capitalization of $4.3 billion. As a result, it now ranks among the top 25 cryptocurrencies.

In addition, the daily trade volume for Kaspa jumped by 132% to reach $141 million. Presently, the trade price for Kaspa is at an extremely high level. 

Like Bitcoin, Kaspa is a completely upgradable, decentralized, and open-source layer 1 protocol. It has adopted the proof-of-work consensus system. However, it differentiates itself from Bitcoin through the utilization of the BlockDAG (Directed Acyclic Graph) structure, which helps enable the creation of more than a single block at a time. 

The Kaspa blockchain can process a single block in a second, accelerating transactions. Miners can also obtain further block offerings within a certain period of time, which Marathon Digital’s decision to mine Kaspa may have contributed to. The current block reward for Kaspa stands at 103.83 KAS.

In 2023, Marathon Digital initiated the evaluation of Kaspa for distributing its revenue angle and began positioning ASICS for it. 

Marathon Digital has been able to obtain roughly 60 petahash for KS3, KS5, and KS5 Pro ASICs. These gadgets are able to rake in profits with large margins extending to 95%, based on the present network’s problematic rate as well as the pricing of KAS. 

As of date, 30 petahash belonging to Marathon’s Kaspa ASICs are active within the firm’s owned and run amenities in Texas, with the remaining to become totally active towards the end of the year.  

Marathon’s chief growth officer, Adam Swick, revealed this information: The company has amassed a market value of $15 million and has generated 93 million KAS to date.

Published at Thu, 27 Jun 2024 16:03:06 +0200

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