From miner to operator – Marathon Digital Holdings is a juggernaut of the ecosystem Bitcoin. The company specialized in BTC mining operates no less than 11 mining farms for a total power of 26.4 EH/s. Now, it wants to accelerate Bitcoin with the launch of its own second layer (L2) solution.
Marathon Digital Holdings launches Anduro its L2 of Bitcoin
Marathon Digital Holdings is far from new to the industry. Indeed, the company is already well established in the field of BTC mining.
On February 28, the company announced the launch ofAnduro, “a new second-layer multi-chain network on Bitcoin, aiming to accelerate the development and adoption of BTC”.
In practice, Anduro is a platform evolving in parallel with Bitcoin which allows the creation of sidechains.
So, for its launch, Anduro will have two sidechains: Coordinate and Alys.
Firstly, Coordinate offers a UTXO stack that optimizes the use of Ordinals. On the other hand, Alys offers an Ethereum-compatible environment by embedding an EVM. This second chain will be intended in particular for the tokenization of institutional assets.
On the security side, Anduro sidechains use a mechanism called merge miningdemocratized by the protocol RSK. This mechanism aims to use the mining power deployed on Bitcoin to secure the sidechain. In practice, miners simultaneously mine transactions that have taken place on Bitcoin and on the sidechain.
Marathon, however, wanted to emphasize the community aspect of this project, although it was incubated by the company:
“While Marathon helped incubate Anduro, the network is intended to be community-led and managed. The network is designed to systematically integrate decentralized governance, with the goal of becoming the most trusted and developer-centric layer two of Bitcoin. »
Everything was successful at Marathon Digital
Alongside this announcement, Marathon Digital Holdings also released its 2023 results on February 28.
In total, the company reported a turnover of 384 million dollars. For comparison, the company generated $117 million in sales the previous year.
On the profit side, the company is back in the green. In fact, it had recorded a loss of $694 million in 2022. In 2023, the company was able to turn things around and recorded a net profit of $261 million.
These profits were notably enabled by record BTC extraction in 2023. Thus, the company announced that it had produced 1853 BTC in Decemberrecording an increase of 58% compared to the month of November.