Swan Bitcoin’s Covert Mining Operations and Hashpower Expansion
Swan Bitcoin, a Los Angeles-based firm specializing in bitcoin-centric financial services, has recently unveiled its covert bitcoin mining operations. The company’s mining subsidiary, Swan Mining, currently operates with a hashpower of 4 EH/s and plans to expand its capacity to over 8 exahash by March 2024.
Swan Mining has established strategic partnerships with major industry players to support its mining activities. However, specific details about these collaborations, mining units, and the mining facility’s location are undisclosed. So far, Swan has successfully mined 750 BTC since the launch of its mining operations.
Rapha Zagury, the CIO at Swan and head of Swan Mining, expressed the company’s pride in its rapid deployment of hashpower, asserting that it is the fastest-ever of its scale in Bitcoin history. Swan aims to contribute to the decentralization of bitcoin mining.
Competitive Rush for Mining Units Ahead of Bitcoin Halving
Swan Bitcoin’s entry into the mining sector coincides with a competitive race among companies to acquire new mining units and expand their facilities. Leading producers such as Canaan, Bitmain, and Microbt have received heavy investment in the past six months for tens of thousands of BTC mining rigs.
The fourth Bitcoin network halving is approaching in about 87 days, which will reduce the block reward from 6.25 BTC to 3.125 coins per block. This event has further fueled the urgency to secure mining resources before the halving takes place.
Hot Take: Swan Bitcoin’s Stealth Mining Operations
The emergence of Swan Bitcoin’s covert mining operations adds an exciting element to the bitcoin mining landscape. With plans to expand its hashpower and a significant number of successfully mined BTC, Swan Mining proves its position as a key player in the industry.
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