Swan Bitcoin Launches Mining Division, Aims to Reach Over 8 Exahash by March

BTC-only exchange Swan Bitcoin has announced the launch of its new mining division, Swan Mining, which had been operating in stealth mode until now. The division will now fall under Swan Institutional and will focus on securing the Bitcoin network while contributing to the expansion of energy production and stabilization of electrical grids.

Swan Mining began operations in the summer of 2023 and has already become a significant contributor to the Bitcoin network, providing 4.5 exahash, according to a press release. The division has plans to enhance its capacity to over 8 exahash and has rapidly purchased and deployed mining equipment, with full deployment expected by March. Notably, Swan Mining has already successfully mined over 750 bitcoin.

Rapha Zagury, Swan CIO and head of Swan Mining, expressed pride in playing a role in keeping Bitcoin mining decentralized. He stated that the initial deployment of hashrate at this scale in Bitcoin history is the fastest ever. Zagury also mentioned that Swan Mining first launched in stealth mode to avoid causing disruption in ASIC pricing and to develop its strategy to partner with operators in the space.

Swan’s mining business follows a funding model with no debt, with entities legally segregated from the rest of Swan’s operations. The launch of Swan Mining is also playing an important role in the growth of Swan Institutional, fostering strategic partnerships with major industry players. Swan’s institutional unit supports capital raises and balance sheet restructuring, aiming to unlock notable operational and financial potential for its partners.

Cory Klippsten, Swan founder and CEO, highlighted that Swan Mining is a great example of the company’s thesis playing out. He emphasized their exclusive focus on Bitcoin adoption and helping the industry grow, which has attracted talent, opportunities, and capital required to launch new business lines and grow them rapidly.

Swan Bitcoin has experienced substantial expansion over the past year, doubling its team size and growing revenue to over $125 million annualized. The company plans to raise Series C financing in the coming months and intends to allocate capital equally between financial services, mining, and acquisitions. Additionally, Swan Bitcoin’s CEO, Cory Klippsten, disclosed the company’s active pursuit of a public listing within the next 12 months.

Overall, the launch of Swan Mining represents a significant step for Swan Bitcoin in expanding its operations and contributing to the Bitcoin network’s security and decentralization. With its focus on strategic partnerships and growth, Swan Bitcoin aims to continue playing a crucial role in the industry’s development.