Today, exclusive btc exchange bitcoin Swanunveiled its new mining division, Swan Mining, which previously operated in stealth mode, according to a press release sent to bitcoin Magazine. The division is now housed under Swan Institutional, with a focus on securing the bitcoin network while contributing to the expansion of energy production and the stabilization of power grids.
Swan Mining, which began operations in the summer of 2023, is already a substantial contributor to the bitcoin network, providing 4.5 exahash, according to the statement. With plans to upgrade its capacity to more than 8 exahash, the unit quickly purchased and deployed mining equipment and expects full deployment by March. Notably, Swan Mining stated that it has already successfully mined over 750 bitcoins.
“We are proud to play a role in keeping bitcoin mining decentralized,” said Rapha Zagury, Swan CIO and Director of Swan Mining. “It is our understanding that this is the fastest initial hashrate deployment at this scale in bitcoin history. With a lot of work and a little luck, we hope Swan Mining will help protect the network for many decades to come.”
Zagury further stated that to avoid causing disruptions to ASIC prices, Swan Mining first launched in stealth mode, which also allowed the company to develop its strategy to partner with operators in the space.
Swan's mining business follows a debt-free financing model, with entities legally segregated from the rest of Swan's operations. The launch of Swan Mining is also playing an important role in Swan Institutional's growth, the company said, fostering strategic partnerships with major industry players. Swan's institutional unit supports capital increases and balance sheet restructuring, with the aim of unlocking significant operational and financial potential for its partners.
“Swan Mining is a great example of how our company thesis plays out,” said Swan Founder and CEO Cory Klippsten. “With our exclusive focus on bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities and capital needed to launch new lines of business and grow them rapidly.”
Following a year of substantial expansion, Swan bitcoin has doubled the size of its team and grown its revenue to more than $125 million annualized, according to the release. With plans to raise Series C funding in the coming months, Swan bitcoin intends to allocate capital equally across financial services, mining, and acquisitions. Swan bitcoin CEO Cory Klippsten also revealed the company's active pursuit of going public in the next 12 months.
