Summary
Swan Bitcoin has launched its mining division, Swan Mining, which aims to secure the Bitcoin network and contribute to energy production and electrical grid stabilization. The division has already begun operations and currently provides 4.5 exahash of mining power, with plans to increase capacity to over 8 exahash. Swan Mining has successfully mined over 750 bitcoin and aims to help keep Bitcoin mining decentralized. The division first launched in stealth mode to avoid disrupting ASIC pricing and has since formed strategic partnerships with industry players. Swan Bitcoin has seen significant growth, doubling its team size and generating over $125 million in annualized revenue. The company plans to raise Series C financing and pursue a public listing within the next year.
Key Points
1. Swan Bitcoin has unveiled its mining division, Swan Mining, which focuses on securing the Bitcoin network and contributing to the expansion of energy production and stabilization of electrical grids. The division has rapidly purchased and deployed mining equipment, with plans to enhance its capacity to over 8 exahash.
2. Swan Mining has already become a substantial contributor to the Bitcoin network, providing 4.5 exahash. The division has successfully mined over 750 bitcoin and aims to secure the network for many decades. Swan Mining’s initial deployment of hashrate at this scale is considered the fastest-ever in Bitcoin history.
3. Swan’s mining business follows a funding model with no debt and operates separately from the rest of Swan’s operations. The launch of Swan Mining has also played a significant role in the growth of Swan Institutional, fostering strategic partnerships with major industry players. Swan Bitcoin is planning to raise Series C financing and actively pursuing a public listing within the next 12 months.