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Marathon Digital, the largest mining enterprise, has created a Layer 2 solution for Bitcoin aimed at enhancing BTC capabilities and fostering innovation.
Marathon Digital Holdings, the foremost cryptocurrency mining organization and blockchain ecosystem developer, has unveiled Anduro, a Layer 2 protocol on the Bitcoin network.
The primary objective of this initiative is to promote BTC adoption and advance its ecosystem. Anduro enables developers to establish side-chains on the Bitcoin network and tailor them to their specifications. Specialists at Marathon Digital are currently working on two Anduro-based side-chains simultaneously — Coordinate and Alys.
The Coordinate side-chain is designed to be a cost-effective solution for the Ordinals community. Alys is being developed as a tokenization chain compatible with Ethereum for institutional assets. Both solutions will employ merge-mining, allowing miners to earn transaction revenue from both L2 solutions and the mainnet concurrently.
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Fred Thiel, Chairman and CEO of Marathon Digital, noted that while the company played a role in the creation of Anduro, the project will be driven by the community. He also mentioned that the L2 solution was designed with the potential for systematic integration of decentralized governance mechanisms.
The launch of Anduro coincided with the release of Marathon Digital Holdings’ 2023 Holding Report. Last year, the company boosted its BTC mining volume by 210%. Overall, the company mined 12,852 BTC throughout the year, achieving a record net profit of $261.2 million.
Fred Thiel indicated that last year, the company entered into an agreement to acquire two data centers, which will enhance the capacity of its mining rigs to over 900 megawatts. In 2023, the hashing speed of the company’s computing rigs reached 24.7 EH/s, reflecting a 253% increase year-over-year. In 2024, the company aims to elevate its hashing speed to approximately 35-37 EH/s, and by the end of 2025, to achieve 50 EH/s.
Analysts predict that the forthcoming Bitcoin halving will render about one-fifth of BTC mining installations unprofitable. Concurrently, major financial institutions, including BlackRock and Tether, are showing interest in BTC mining.
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