Swan Bitcoin, a firm specializing in Bitcoin-focused financial services, has recently launched its bitcoin mining unit named Swan Mining.
According to Swan Bitcoin’s recent announcement, the “stealth mode” Swan Mining began operating in Summer 2023 and has already mined 750 Bitcoins to date. The operation is currently mining at 4.5 exahash per second (EH/s) and aims to exceed 8 EH/s by March 2024.
Swan’s New Mining Operation
The 4.5 EH/s mining power means that “around 1 of every 100 Bitcoins mined globally is mined by Swan,” and the company has purchased more equipment for its 8 EH/s goal.
📢‼️⚒️ 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
“Swan Mining developed and deployed at warp speed,” said Rapha Zagury, Swan Bitcoin Chief Investment Officer and Head of Swan Mining. “Our understanding is that this is the fastest-ever initial deployment of hashrate at this scale in Bitcoin history.”
Zagury explained that Swan Mining’s initial operations were conducted discreetly to prevent influencing the Australian Securities and Investments Commission (ASIC) pricing and to align with leading operators in the sector.
The mining unit operates with a funding approach that does not rely on debt. This business strategy ensures a legal and operational separation from Swan’s other business activities.
The mining division’s establishment has contributed to the expansion of Swan Institutional. This branch focuses on forming key strategic alliances and offering services like capital raising and balance sheet restructuring, aiming to improve operational and financial performance for its partners.
“We are proud to play a role in keeping Bitcoin mining decentralized,” said Zagury. “With hard work and a little luck, we hope Swan Mining will help to secure the network for many decades.”
Swan Bitcoin Grows Significantly and Plans Public Listing
In the past year, Swan Bitcoin has seen significant growth, doubling its team size and achieving over $125 million in annualized revenue. Looking ahead, the company is planning a Series C funding round.
The capital raised from the C round is expected to be distributed across three main areas: financial services, mining operations, and strategic acquisitions.
In addition, Swan Bitcoin founder and CEO Cory Klippsten stated that the company is “actively working to achieve a public listing within the next 12 months.”