Today, BTC-only exchange Swan Bitcoin unveiled its new mining division, Swan Mining, which was previously operating in stealth mode, according to a press release sent to Bitcoin Magazine. The division is now positioned under Swan Institutional, with a focus on securing the Bitcoin network while contributing to the expansion of energy production and stabilization of electrical grids.
Having commenced operations in Summer 2023, Swan Mining is already a substantial contributor to the Bitcoin network, providing 4.5 exahash, according to the release. With plans to enhance its capacity to over 8 exahash, the unit has rapidly purchased and deployed mining equipment, expecting full deployment by March. Notably, Swan Mining stated it has already successfully mined over 750 bitcoin.
“We are proud to play a role in keeping Bitcoin mining decentralized,” said Rapha Zagury, Swan CIO and head of Swan Mining. “Our understanding is that this is the fastest-ever initial deployment of hashrate at this scale in Bitcoin history. With hard work and a little luck, we hope Swan Mining will help to secure the network for many decades.”
Zagury further stated that to avoid causing disruption in ASIC pricing, 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 funding model with no debt, with entities legally segregated from the rest of Swan’s operations. The launch of Swan Mining is also playing a important role in the growth of Swan Institutional, the company stated, 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.
“Swan Mining is a great example of our company thesis playing 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 required to launch new business lines and grow them rapidly.”
Riding on a year of substantial expansion, Swan Bitcoin has doubled its team size and grown revenue to over $125 million annualized, according to the release. With plans to raise Series C financing in the coming months, Swan Bitcoin intends to allocate capital equally between financial services, mining, and acquisitions. Swan Bitcoin’s CEO, Cory Klippsten, also disclosed the company’s active pursuit of a public listing within the next 12 months.
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