Swan Bitcoin Unveils New Mining Unit, With 750 BTC Mined Already

A Bitcoin-focused financial services firm, Swan Bitcoin, recently launched its BTC mining unit, Swan Mining. According to CEO Cory Klippsten, Swan has been operating a mining arm since July last year that’s now coming out of “stealth mode.”

Klippsten stated:

“Swan Mining is a great example of our company thesis playing out. 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.”

Swan Bitcoin Scaling Operations & Future Expansion

Since July, the company has mined more than 750 Bitcoins. Currently, the company has seven mining farms, powered by 160 megawatts of electricity and producing 4.5 exahash of mining power. The 4.5 EH/s mining power indicates that Swan mines approximately 1 out of every 100 Bitcoins mined worldwide.

Moreover, the company will launch three more mines in March this year, increasing the overall computing power to 8 exahash. Klippsten mentioned that the farms will be situated in the U.S. and abroad but declined to specify their locations or the types of power sources. Furthermore, the company plans to establish mining farms within and outside the US, with 50% in the country. 

📢‼️⚒️ 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 (@Swan) January 25, 2024

According to the announcement, Swan Mining’s business uses a funding model that does not rely on debt. Moreover, the business strategy ensures an operational and legal separation from Swan’s other business activities.

Klippsten said Swan is “actively working” to become a publicly traded company within the next 12 months. Swan Mining’s initial launch in stealth mode was to prevent any disturbance in the pricing of ASIC miners, according to Rapha Zagury, the firm’s chief investment officer and head of Swan Mining.

In an official announcement published in December, Swan said it would allocate $205 million in capital to its hedge funds, credit, and stocks. The platform’s current annual revenue is $125 million, and it plans to raise funds in a Series C round sometime this year.

In December, Swan announced Swan Institutional, a new unit set up for other services, including Swan Lending, asset management, and advisor services. Swan Lending offers Bitcoin-backed loans for institutional investors, family offices, and companies seeking liquidity from $1M to $50M. Jonathan Melton, the Head of Institutional Sales at Swan Bitcoin, stated that Swan Lending provides a practical solution for institutions with Bitcoin holdings who prefer not to sell.