Marathon miner launches Anduro L2 network based on Bitcoin blockchain

The company also reported record revenue for 2023

29.02.2024 - 11:45

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3 min

What’s new? Leading mining company Marathon Digital has unveiled the Anduro programmable Layer 2 (L2) network based on the Bitcoin blockchain. The initiative aims to stimulate the development and wider adoption of the first cryptocurrency. The company said that developers are attracted by the decentralization, security, and popularity of BTC, but its limited functionality hinders the scalability of applications.

Press release

What else is known? Bitcoin-based Anduro’s decentralized platform allows for the creation of multiple sidechains, paving the way for innovation in the first cryptocurrency ecosystem. Marathon is already developing the first sidechains on Anduro, called Coordinate and Alys, which are open-source and can be further developed by other developers.

Coordinate offers a cost-effective UTXO stack for the Ordinals community, Alys is an Ethereum blockchain-compatible network for tokenizing institutional assets.

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All sidechains will allow participating miners to earn revenue in BTC from transaction fees. At the same time, miners will continue to participate in mining BTC in the underlying blockchain.

Marathon also reported that for 2023, its revenue grew 229% to a record $388 million. In turn, BTC mining volume also reached the highest level of 12 852 coins, increasing 210% year-over-year.

Chairman and CEO Fred Thiel said that in the past year, the company achieved its main goals of upgrading its fleet of previously acquired rigs and optimizing performance. For example, hashrate was increased by 253% to 24,7 EH/s, while efficiency increased by 21% to 24,5 J/T. The total capacity deployed at the company’s 11 sites on three continents reaches 900 MW.

In December, Marathon mined 1853 bitcoins, which was a record monthly total among publicly traded mining companies.

The company’s shares under the ticker MARA are traded on the Nasdaq, since the beginning of the year their value has grown by 16,48% to $31,03 on February 29.

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