With Bitcoin's recent price decline, many miners are exploring alternatives to maintain profitability. Marathon Digital Holdings has initiated mining operations with Kaspa (KAS), a Proof-of-Work cryptocurrency known for its faster block times and higher potential rewards. This shift comes amid a challenging period for Bitcoin miners, with significant drops in daily revenue and increasing operational costs. The transition to Kaspa could introduce additional selling pressure on Bitcoin, potentially affecting its market price further. Concurrently, Bitcoin ETFs have seen renewed interest, recording net inflows that might help stabilize BTC prices despite miners' diversification.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.