Swan Bitcoin Unveils Mining of 750 BTC

Swan Bitcoin, a financial services firm focused on Bitcoin, has announced that its mining venture, launched discreetly in the summer of 2023, has mined 750 BTC.

?‼️⚒️ SWAN MINING IS HERE ?‼️⚒️

We’ve been working hard on a big opportunity that came our way last year, and today, we’re excited to bring our mining operation out of stealth mode.

We’re mining around 4.5 EH — closing in on 1% of the network — with equipment in hand to…

— Swan Media (@Swan) January 25, 2024

The firm announced the emergence of its new business from stealth mode and its reorganization into a division of Swan Institutional.

Swan Mining’s current hash rate is 4.5 EH/s, approximately 1% of the global network. The company plans to increase its capacity to about 8 EH/s by March with the connection of already acquired equipment.

“Swan Mining has developed and formed at an incredible pace. As far as we know, this is the fastest initial deployment of hash rate of this scale in Bitcoin’s history,” said Rafa Zieguri, CIO of Swan Bitcoin and head of the mining division.

According to him, the stealth launch was chosen to avoid impacting ASIC miner prices.

Swan Mining does not use credit funds for financing, and the enterprise is legally separate from the main business, Swan Bitcoin emphasized.

According to the statement, the mining subsidiary is set to play a significant role in the development of Swan Institutional, which has prepared several “major strategic partnerships” based on the new business direction.

Swan Bitcoin also reported that over the past year, the team size has doubled, and revenue has increased to $125 million. The company plans to expand its fundraising efforts in the coming months as part of a Series C round. The funds will be directed towards the development of financial services, mining, and acquisitions.

Swan Bitcoin CEO Cory Klippsten stated that the company is “actively working” towards going public within the next 12 months.

In April, experts from CoinShares evaluated the prospects for Bitcoin miners following the reduction of block rewards. How the industry prepared for this can be read in ForkLog’s New Year article.