Swan Bitcoin Launches Mining Unit Amidst Parent Company's Public Debut

• Swan Bitcoin's Mining Division Set to Boost Computing Power by 44% by March
• Introducing Swan Mining
• Funding and Expansion
• Industry Competitiveness and Bitcoin Halving
• Overcoming Crypto Winter
• Swan Mining's Rapid Expansion
• A Historic Deployment of Hashrate
• Looking Ahead: Swan Bitcoin to Go Public

Swan Bitcoin's Mining Division Set to Boost Computing Power by 44% by March

Swan Mining, the mining unit of Swan Bitcoin$42,260 -0.64%, anticipates a 44% increase in its computational capacity by March. With investments exceeding $100 million, the company is actively seeking additional funds to facilitate further growth. The parent company, Swan Bitcoin, is expected to go public within the next year.

Introducing Swan Mining

Swan Bitcoin, a Bitcoin financial services company, has recently announced its newly established Bitcoin mining business unit, Swan Mining. Currently, the unit boasts 160 megawatts (MW) or 4.5 exahash per second (EH/s) of computing power. Operational since last summer, Swan Bitcoin has largely operated in stealth mode up until this point.

Funding and Expansion

Swan Mining's operations have been significantly backed by institutional investors, amassing over $100 million so far. The firm plans to raise additional funds to expand its operations, according to representatives from Swan. Rapha Zagury, Chief Investment Officer at Swan and Head of Swan Mining, stated, We bring financial expertise and operational excellence, while our investors provide equity capital to our mining unit in exchange for priority on initial payouts and continued shared upside.

Industry Competitiveness and Bitcoin Halving

The establishment of the new unit comes at a pivotal time for the industry, set to become more competitive this year due to the impending Bitcoin halving event that will see mining rewards decreased by half. To prepare for this, many miners are in a rush to acquire more efficient rigs and are buying additional assets to remain profitable post-halving.

Overcoming Crypto Winter

The miners have endured a harsh crypto winter, with their revenue being directly tied to Bitcoin's price. During the bear market's depth, many prominent miners like Core Scientific (CORZ) went under, with others barely surviving. Nonetheless, the recent Bitcoin price rally, aided by the spot bitcoin ETF, has enhanced the mining economics and even seen companies such as Core emerging from bankruptcy.

Swan Mining's Rapid Expansion

Swan Mining has leveraged this opportunity to fast-track its operations expansion. The company aims to elevate its computing power by 44% or 8 EH/s by March. It has already procured and taken delivery of the required mining rigs to achieve this target this year.

A Historic Deployment of Hashrate

Swan Mining developed and deployed at warp speed, remarked Zagury. Our understanding is that this is the fastest-ever initial deployment of hashrate at this scale in Bitcoin history. Through its seven operating mining sites, both within and outside the United States, the firm has mined more than 750 Bitcoin. Three more mining sites are currently being developed.

Looking Ahead: Swan Bitcoin to Go Public

Swan Bitcoin, headed by Cory Klippsten, successfully raised $205 million in capital last year. The company plans to launch another round of funding in the forthcoming months and anticipates going public within the next 12 months.

Edited by Jonathan Stoker