Swan Bitcoin Expands into Bitcoin Mining
Swan Bitcoin, an investment platform focused on Bitcoin, has announced its expansion into Bitcoin mining. According to CEO Cory Klippsten, the company has been operating a mining arm since July 2023 and has mined over 750 bitcoins during that time.
The mining operation consists of seven farms powered by 160 megawatts of electricity, producing 4.5 exahash of mining power. Three more farms will come online in March, increasing the overall hashpower to 8 exahash. Klippsten plans for half of the mining operation to be based in the U.S., with the other half located overseas.
Public Listing in the Works
Rapha Zagury, an alumnus of Deutsche Bank and Merrill Lynch, leads Swan’s mining operation as chief investment officer. The company is also working towards achieving a public listing within the next year. In December, Swan announced it was deploying $205 million of capital and generating $125 million in annualized revenue.
Hot Take: Swan Bitcoin Diversifies with Mining Expansion
Swan Bitcoin’s decision to expand into Bitcoin mining is a strategic move to diversify its services and revenue streams. By operating their own mining farms, Swan can benefit from the profitability of mining operations in addition to their existing investment platform. This expansion allows Swan to have more control over the Bitcoin supply chain and potentially increase their long-term profitability. With plans for a public listing and continued growth in revenue, Swan Bitcoin is positioning itself as a major player in both the investment and mining sectors of the cryptocurrency industry.
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