Marathon todavía no logra buenos resultados con la estrategia de minar Kaspa.

Marathon Digital Holdings, the world’s largest Bitcoin mining company, has not yet seen the expected results from its venture into Kaspa mining. Despite promising high profitability margins, mining Kaspa has not yielded the desired outcomes.

In June, Marathon surprised the market by announcing its foray into Kaspa mining, projecting potential margins of up to 95% due to the network’s low difficulty and competitive KAS price.

To execute this plan, Marathon acquired 60 ASIC miners to boost its operations in the growing cryptocurrency.

However, the situation hasn’t been as profitable as projected. Market analyst Mike Fay indicates that Marathon’s competitive advantage has diminished since the announcement. Mining Kaspa has become three times more challenging since June, with a 25% price decline.

Kaspa, ranked as the 28th largest cryptocurrency with a market capitalization of $3 billion, has experienced sideways movement in recent months, as shown in the TradingView chart.

Fay’s view suggests that Marathon may be exploring alternative mining strategies, acknowledging potential unsustainability in Bitcoin mining or seeking more viable options.

“Although slightly above the lows of August and September, the dollar-denominated Bitcoin hash price has been below $50 per PH/s for most of the last 5 months. Bitcoin mining profitability is still close to historic network lows.” – Mike Fay, market analyst.

A Hashrate Index chart displaying Bitcoin’s hash price levels throughout the year can be seen below.

MARA’s future outlook is uncertain, with Fay suggesting that Marathon’s mining operation requires higher BTC prices to remain profitable. The market volatility is reflected in a 37% decline in Marathon’s shares since June, as shown in the TradingView chart below.

Fay recommends holding MARA shares, indicating that their value may depend on Bitcoin’s performance. He notes that Marathon’s focus on accumulating Bitcoin through debt differs from miners diversifying into high-performance computing services.

Marathon’s venture into Kaspa mining has not been as successful as expected, with the company banking on Bitcoin’s potential future appreciation for long-term gains.