Kaspa price is nearing its all-time high after Marathon Digital Holdings announced new mining operations on the network.
Cryptocurrency technology company Marathon Digital Holdings is expanding its crypto mining operations to Kaspa, a network based on the Proof of Work (PoW) consensus mechanism.
According to the company, the new mining operations of the KAS cryptocurrency represent an expansion into new markets, to unlock new avenues for growth and sources of income and to strengthen innovation within the PoW ecosystem.
Marathon Digital Holdings has revealed that once 100% of its operations are deployed on the Kaspa network, they will account for approximately 16% of the total global hash rate that the blockchain currently has.
Marathon selects Kaspa for innovation and technology
The company assured that the innovation and technology offered by the Kaspa network make it a great addition to its crypto mining business. Firstly, it emphasized that the PoW cryptocurrency was launched on the market without a pre-mining phase or an ICO (Initial Coin Offering) and that it uses a protocol that guarantees users high performance and low confirmation times in transactions.
The protocol used by this blockchain also allows blocks to be confirmed within a period of 1 second, which not only ensures fast transactions but also ensures miners the opportunity to potentially earn more block rewards in a given time period.
Regarding Bitcoin, the company reaffirmed its confidence in the long-term viability of the market-leading blockchain network. However, it highlighted Kaspa as a unique network with quite innovative features that could prove very attractive. For example, Kaspa uses a directed acyclic graph (DAG) structure, which allows the network to produce multiple blocks simultaneously, unlike Bitcoin, as well as eliminating the incidence of orphan blocks within the network.
Currently, Kaspa is also well positioned within the cryptocurrency market, maintaining a market capitalization of over $4.300 billion. This value gives the network the 24th place among the most capitalized cryptocurrencies and blockchains in the crypto industry.
A digital asset diversification strategy is underway
While Marathon Digital Holdings will remain focused on mining bitcoin as its core asset, the company noted that integrating other cryptocurrencies will be key to diversifying its business, potentially strengthening returns in bull markets while mitigating potential losses in cryptocurrency bear markets.
In the case of Kaspa, it primarily emphasized the profitability of mining operations in terms of $/kWh, which increases the company's flexibility and unlocks the potential to establish new digital asset data centers in locations where Bitcoin operations may not be economically viable.
Fred Thiel, CEO of Marathon Digital Holdings, has underlined the company's vision for the future, which includes diversification into digital assets, as well as the sustainability of crypto mining, heat recycling and the monetization of waste energy.
KAS price rises by 8%
The Kaspa network’s native cryptocurrency, KAS, has seen an 8,8% growth over the past 24 hours, trading at around $0,18 per unit. With this increase in value, the price of KAS is approaching its current all-time high of $0,191, which was reached earlier this month.
Source: CoinMarketCap
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