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BlackRock describes the Machine-Native Economy. And if you look at the concept from an architectural perspective, something becomes very interesting: How much of the foundation required for this economy does Kaspa already have? On September 17, 2026, BlackRock Digital Assets Research published “The Machine-Native Economy: How digital assets connect intelligence, commerce, and compute.” blackrock.com/us/individual/… The core idea is simple: AI is becoming increasingly capable of acting as an economic agent. It can access APIs, interact with other agents, purchase data and services, use computing resources and initiate financial operations. BlackRock frames it as: AI = machine-native intelligence. Digital assets = machine-native money. And that creates a new infrastructure requirement. Not just payments between humans. Machines may need to execute enormous numbers of automated transactions: → API calls → data → compute → services → machine-to-machine payments → 24/7 settlement → programmable rules BlackRock points to crypto-native rails as infrastructure suited to high-frequency, low-value, machine-to-machine transactions. And this is where it gets interesting. AI does not need to run inside the L1. The GPU performs the computation. The AI model makes decisions. MCP / A2A connect agents with tools, data and other agents. Payment protocols such as x402 can handle machine payments. The blockchain can provide something different: programmable settlement. A simplified architecture could look like: AI Agent ↓ MCP / A2A ↓ Payment Protocol ↓ Stablecoin / Tokenized Asset / Native Asset ↓ Programmable L1 ↓ Consensus ↓ Settlement Now look at Kaspa. Kaspa is already a permissionless PoW BlockDAG L1 operating at 10 BPS. Parallel block production is part of the BlockDAG architecture, while GHOSTDAG provides consensus ordering. And after Toccata, Kaspa gained another important foundation: L1 programmability. Covenants can define rules for UTXO state transitions, while ZK proofs can be verified at L1. So this is no longer just a story about faster transfers. It is a programmable settlement layer. kaspa.org/lore That leads to a much more interesting question: Not: “Does Kaspa already contain the entire Machine-Native Economy?” But: “What can be built on top of a fast, permissionless PoW BlockDAG with a programmable L1?” Because the machine economy does not have to be one protocol. It can be a stack. And the L1 is the foundation.

MARA × BlackRock × Kaspa: An Interesting Architecture Is Emerging If we connect three completely different developments, an interesting architectural picture emerges. But it is important to separate from the beginning: what is already happening, what is confirmed by documents, and what is still a hypothesis. Let’s start with MARA. MARA Holdings is no longer positioning itself only as a Bitcoin mining company. In 2026, the company explicitly describes its strategy around: power + land + compute. MARA is developing AI and HPC infrastructure at its power-rich sites, and through its partnership with Starwood plans initially around 1 GW of IT capacity, with the potential to scale to more than 2.5 GW. mara.com/posts/mara-announce… In its reporting, MARA also says that it is reallocating part of its infrastructure toward AI/HPC workloads, while maintaining Bitcoin mining as part of the model and using mining as a flexible load where economically appropriate. This is an important transition. Not: Bitcoin mining → disappears But rather: Energy → Compute → different high-intensity workloads. Bitcoin mining becomes one of the workloads that can be used to monetize energy while higher-value compute opportunities are being developed. MARA itself describes its model around the ability to allocate capacity between workloads depending on economics and demand. And this is where Kaspa enters the picture. Because MARA already has a direct history with Kaspa. In June 2024, Marathon Digital officially announced that it had begun mining KAS to diversify its digital-asset compute business. The company reported purchasing approximately 60 PH/s of Kaspa ASICs, of which 30 PH/s were already operating at its own facilities in Texas, with the remainder planned to be brought online later. At that point, MARA had already mined 93 million KAS. ir.mara.com/news-events/pres… And this is an interesting historical fact: MARA doesn’t just know about Kaspa. MARA has already actually used its mining infrastructure for Kaspa. But here it is very important not to make the wrong conclusion. MARA has not stated that it plans to turn Kaspa into an L2 for its AI compute. No such architecture has been publicly announced today. So from this point onward, we are talking about an architectural hypothesis, not a confirmed fact.

And this is where it gets really interesting. If BlackRock describes an economy in which: AI agents buy data + compute + services and pay for them through machine-native payment rails then the physical infrastructure still has to exist somewhere in the real world. You need: electricity land data centers GPU networking cooling compute And this is exactly the layer MARA is actively developing. MARA has already secured access to a site in Texas with potential capacity of up to 2 GW, intended for large-scale digital infrastructure, including HPC and flexible compute workloads. So: BlackRock is describing a new economic model. MARA is building part of the physical infrastructure for the compute economy. Kaspa is developing a programmable PoW settlement layer. These are three completely different levels. And that is exactly why it is interesting to look at them together. Now the most important part: we should not claim that this system already exists. It does not yet exist in this complete form. There is no public confirmation that: MARA is building AI infrastructure specifically for Kaspa. There is no public confirmation that Kaspa will become MARA’s settlement layer. There is no public confirmation that BlackRock considers Kaspa part of this architecture. And there is no public confirmation that future MARA AI/HPC workloads will be settled through KAS. All of those claims would be speculation. But the individual components already exist. BlackRock → machine-native economy MARA → energy-backed compute infrastructure Kaspa → high-throughput PoW settlement And that is exactly why the architectural hypothesis is more interesting than simply: BlackRock + MARA + Kaspa. In its cleanest form, the potential stack can be represented like this: AI AGENTS ↓ MCP / A2A ↓ AI / HPC ↓ GPU / COMPUTE ↓ MARA POWER + LAND + DATA CENTERS ↓ APPLICATION / PAYMENT PROTOCOLS ↓ STABLECOIN / TOKENIZED ASSET / KAS ↓ KASPA L1 ↓ UTXO + COVENANTS ↓ BLOCKDAG + GHOSTDAG ↓ PoW ↓ VERIFIABLE SETTLEMENT And this is where the principle of separation itself becomes particularly interesting. MARA does not need to be a blockchain. Kaspa does not need to be an AI model. AI does not need to live inside the L1. Each layer performs its own job. Physical infrastructure provides compute. AI makes decisions. Payment protocols transfer economic value. The L1 verifies rules and settlement. This kind of modularity may ultimately be much more important than trying to make one blockchain do everything. So my careful conclusion would be: BlackRock describes the Machine-Native Economy. MARA is building physical energy + compute infrastructure that can serve AI/HPC workloads. Kaspa is building fast, permissionless, PoW-based programmable L1 settlement infrastructure. Today, there is no announced joint project between them. But architecturally, they could occupy completely different levels of the same future stack: MARA → physical compute / energy AI → intelligence Protocols → coordination & payments Kaspa → settlement And if real integration ever emerges between these layers, it would no longer be simply a story about cryptocurrency. It would be the connection of: ENERGY → COMPUTE → INTELLIGENCE → MONEY → SETTLEMENT And this is exactly where the intersection of BlackRock × MARA × Kaspa becomes genuinely interesting. Not because they have already announced one common system. But because three different directions are already developing around different parts of one potential machine-native economy.