Swan Bitcoin Launches Bitcoin Mining Unit
Swan Bitcoin has recently unveiled its bitcoin mining unit, called Swan Mining. The company began operating in stealth mode during the summer of 2023 and has already mined 750 Bitcoins. Currently, Swan Mining is operating at a mining power of 4.5 exahash per second (EH/s) and aims to exceed 8 EH/s by March 2024.
Swan’s New Mining Operation
The mining power of 4.5 EH/s means that Swan is responsible for mining around 1% of all Bitcoins globally. To achieve its goal of 8 EH/s, the company has purchased additional equipment.
“Swan Mining developed and deployed at warp speed,” said Rapha Zagury, Swan Bitcoin’s Chief Investment Officer and Head of Swan Mining. The initial operations were conducted discreetly to avoid influencing ASIC pricing and align with leading operators in the sector.
The funding approach for the mining division does not rely on debt, ensuring legal and operational separation from Swan’s other activities. The establishment of the mining unit has also contributed to the expansion of Swan Institutional, which focuses on strategic alliances and services like capital raising and balance sheet restructuring.
Swan Bitcoin Grows and Plans Public Listing
Over the past year, Swan Bitcoin has experienced significant growth, doubling its team size and achieving over $125 million in annualized revenue. The company plans to conduct a Series C funding round to support its financial services, mining operations, and strategic acquisitions.
Furthermore, Swan Bitcoin aims to achieve a public listing within the next 12 months. CEO Cory Klippsten stated that they are actively working towards this goal.
Hot Take: Swan Bitcoin Expands into Mining, Plans Public Listing
Swan Bitcoin has launched its bitcoin mining unit, Swan Mining, which aims to become a significant player in the global Bitcoin mining industry. With a current mining power of 4.5 exahash per second (EH/s) and plans to reach 8 EH/s by March 2024, Swan Mining is making a substantial impact. The company’s discreet initial operations demonstrate its commitment to responsible mining practices and alignment with industry leaders. Additionally, Swan Bitcoin’s expansion into mining and plans for a public listing highlight its ambition and growth in the cryptocurrency market. As Swan Bitcoin continues to evolve and expand its services, it solidifies its position as a key player in the crypto industry.
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