Swan Bitcoin to Cease Bitcoin Mining Operations

Financial firm Swan Bitcoin will wind down its mining business and abandon plans for an IPO.

ANNOUNCEMENT — @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future.

Accordingly, Swan is pulling back from our…

— Cory Klippsten ? #Bitcoin is for everyone (@coryklippsten) July 22, 2024

“Swan is unlikely to continue with our Managed Mining business in the near term. Without expecting significant revenue from the unit, we are postponing our IPO plans in the near future,” wrote the firm’s founder and CEO, Cory Klippsten.

According to him, changes in accelerated growth plans in financial services include “staff reductions across many functions.”

Klippsten did not specify the number of employees affected but promised assistance in finding new employment.

In January, the firm revealed that the mining operation, launched quietly in the summer of 2023, had mined 750 BTC. According to the statement, the company’s managed hash rate reached 4.5 EH/s, with plans to grow to 8 EH/s. 

In June, bitcoin miners were unable to restore cryptocurrency production following the April halving, as reported by ForkLog.

Analysts at Bernstein have suggested a Goldilocks scenario for miners amid the “Trump factor” in the November U.S. presidential elections. Bloomberg believes a potential Republican victory would positively impact the crypto industry as a whole.