Today, Bitcoin-only exchange Swan Bitcoin unveiled its new mining division, Swan Mining, which previously operated in stealth mode, according to a press release sent to Bitcoin Magazine. The division is now housed within the Swan Corporate Foundation, focusing on securing the Bitcoin network while contributing to expanding energy production and stabilizing electrical grids.
Having begun operations in the summer of 2023, Swan Mining is already a significant contributor to the Bitcoin network, providing 4.5 exahashes, according to the statement. With plans to boost its capacity to more than 8 exahashes, the unit has rapidly procured and deployed mining equipment, and expects full deployment by March. Notably, Swan Mining reported that it has already successfully mined more than 750 Bitcoins.
“We are proud to play a role in keeping Bitcoin mining decentralized,” said Rafa Zagori, Swan CIO and President of Swan Mining. “Our understanding is that this is the fastest initial hash rate deployment at this scale in Bitcoin history. With hard work and a little luck, we hope Swan Mining can help secure the network for many decades.”
Zagori also stated that to avoid causing disruption to ASIC prices, Swan Mining was 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 debt-free financing model, with the entities legally separated from the rest of Swan's operations. The launch of Swan Mining also plays an important role in Swan Institutional's growth, strengthening strategic partnerships with key players in the industry, the company said. Swan's corporate unit supports capital raising and balance sheet restructuring, with the aim of unleashing the remarkable operational and financial potential of its partners.
“Swan Mining is a great example of executing our company’s thesis,” said Corey Klipsten, founder and CEO of Swan. “Through our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital needed to quickly launch and grow new lines of business.”
After a year of significant expansion, Swan Bitcoin has doubled the size of its team and increased its revenue to more than $125 million annually, according to the release. With plans to raise Series C funding in the coming months, Swan Bitcoin intends to allocate capital equally between financial services, mining, and acquisitions. Corey Klipsten, CEO of Swan Bitcoin, also revealed that the company is actively seeking a public listing within the next 12 months.
