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Tag: Marathon Digital

  • Bitcoin Mining Giant Marathon Digital Makes Major $100M BTC Acquisition

    Bitcoin Mining Giant Marathon Digital Makes Major $100M BTC Acquisition

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    Ronaldo Marquez

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  • Marathon Digital Mines $15M in Kaspa Tokens for Revenue Diversification

    Marathon Digital Mines $15M in Kaspa Tokens for Revenue Diversification

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    Marathon Digital Holdings, a global crypto-focused platform, announced that its mining operations for Kaspa have yielded approximately $15 million worth of KAS since they commenced last September.

    The company states that the decision to mine Kaspa was part of its strategy to diversify its mining operations.

    Marathon Mining Kapsa

    In the statement released on Wednesday, Marathon Digital mentioned that since the dawn of their Kaspa mining operations, they have already mined about 93 million KAS worth about $15 million by June 25.

    The company highlighted that Kaspa is currently the 5th largest Proof-of-Work (PoW) crypto asset, with a market cap of $3.9 billion and trading volumes of $64.8 million. The blockchain’s circulating supply stands at 24 billion KAS, and users earn a reward of approximately 103.83 KAS for every block mined, with a terminal supply set at 28.7 billion.

    Kaspa shares similarities with Bitcoin in terms of decentralization and open sourcing. However, it differs by employing a BlockDAG, which allows for the simultaneous processing of multiple blocks, unlike Bitcoin’s single block every 10 minutes. This provides miners with more opportunities to earn rewards.

    As per the press statement, Marathon bought “60 petahash of KS3, KS5, and KS5 Pro ASICs, each capable of generating profit margins of 95% at the existing network difficulty. Marathon already runs 30 petahash of Kaspa mining ASICs in Texas, and more will be coming in Q3 2024.

    Diversification of Mining Activities

    In the statement, Marathon mentioned that they began looking into Kaspa in May 2023 to diversify their revenue. However, it was not until September that the global compute giant deployed the first lot of Kaspa ASICs and began expanding.

    When speaking about the Kaspa mining, Adam Swick, the Chief growth officer at Marathon Digital, said:

    “By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin, and that is directly tied to our core competencies in digital asset compute.”

    As per Marathon’s CGO, Marathon is well positioned to mine Kaspa owing to its “unique relationships with hardware manufacturers, our strong balance sheet, and the expertise of our team.” The Marathon digital executive pledges commitment to supporting innovation in PoW ecosystems and expanding its position as a leader in the mining business.

    After the massive price decline of Bitcoin starting in 2022, miners began looking for ways to diversify their revenue. Some chose to use their infrastructure for AI and computing needs, while others opted to mine other cryptos.

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    Wayne Jones

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  • Why Marathon Digital and Other Crypto Mining Stocks Surged Today

    Why Marathon Digital and Other Crypto Mining Stocks Surged Today

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    Bitcoins depicted as if real and material currency

    The crypto mining industry consolidated a bit on Tuesday, and in reaction, investors bid up not only Marathon Digital Holdings (NASDAQ: MARA) — the company doing the consolidating — but other notable stocks in the business.

    Marathon itself saw its stock price rise by almost 11%, while the smaller Cipher Mining (NASDAQ: CIFR) saw a more than 14% gain. TerraWulf (NASDAQ: WULF) and SOS Limited (NYSE: SOS) were also winners on the day, advancing a respective 9% and 10%. For perspective, the broad S&P 500 index inched up only 0.6%.

    Marathon makes a nearly $180 million deal

    Before market open, Marathon shook up the crypto miner scene by announcing that it had agreed to acquire a pair of Bitcoin (CRYPTO: BTC) mining sites. It bought the pair from subsidiaries of finance company Generate Capital at a price of $178.6 million. This purchase price is to be paid entirely in cash.

    Together, the two sites — one located in Texas, the other in Nebraska — boast a total of 390 megawatts of capacity. That boils down to $458,000 per megawatt for the deal.

    It’s a historic buy for Marathon, as the pair will become its first fully owned sites. After the deal closes, the company’s capacity will amount to 910 megawatts. Of this, 45% will consist of fully owned facilities, with the remainder held by third-party business partners.

    In its press release on the acquisition, Marathon said that it expects to reduce the cost per coin of its Bitcoin mining operations at the new sites by 30%.

    It also quoted CEO Fred Thiel as saying the deal is going to be transformative, morphing the company into “a more sophisticated and mature organization with a diversified portfolio of Bitcoin mining technologies and assets.”

    Investors were clearly buying that argument, judging by how eagerly they pounced on Marathon stock post-announcement. The deal also led to speculation about other buyouts (and of the generally solid demand for Bitcoin mining facilities), hence the price appreciation of fellow miners like TerraWulf and SOS.

    Going bananas for Bitcoin

    Sentiment on Bitcoin miners, of course, generally depends on how the market feels about Bitcoin. While the price of the leading crypto has eased over the past few days, it’s still very high on a historic basis. In fact, it’s only topped the current $42,000-plus level during two bull runs earlier this decade. And if Bitcoin is a hot item, you can bet that any miner making a consolidation move is going to be rewarded accordingly.

    Should you invest $1,000 in Marathon Digital right now?

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    Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

    Why Marathon Digital and Other Crypto Mining Stocks Surged Today was originally published by The Motley Fool

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