Today, BTC-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 department is now part of Swan Institutional and is focused on strengthening the security of the Bitcoin network while contributing to expanding energy production and stabilizing the power grid.
Swan Mining, which began operations in the summer of 2023, has already made significant contributions to the Bitcoin network, providing 4.5 exahashes, according to the release. With plans to increase capacity to eight more exahashes, the unit has rapidly purchased and deployed mining equipment and expects full deployment by March. In particular, Swan Mining stated that it has already successfully mined over 750 Bitcoins.
“We are proud to play a role in decentralizing Bitcoin mining,” said Rapha Zagury, Swan CIO and head of Swan Mining. “We believe this is the fastest initial deployment of a hashrate of this magnitude in Bitcoin history. With hard work and a little luck, we hope Swan Mining will help secure the network for decades to come.”
Zagury also said that to avoid causing confusion in ASIC pricing, Swan Mining first launched in stealth mode, which allowed the company to develop a strategy of collaborating with operators in the sector.
Swan’s mining operations follow a debt-free financing model and the entity is legally separate from the rest of Swan’s operations. The launch of Swan Mining also plays an important role in the growth of Swan Institutional, fostering strategic partnerships with key industry players, the company said. Swan’s institutional unit supports capital raising and balance sheet restructuring with the goal of unlocking partners’ notable operational and financial potential.
“Swan Mining is a great example of our company’s theory coming to life,” said Cory Klippsten, Swan founder and CEO. “By focusing exclusively on Bitcoin adoption and supporting industry growth, we continue to attract the talent, opportunities and capital needed to launch and rapidly grow new business lines.”
According to the announcement, Swan Bitcoin has undergone a year of significant expansion, doubling the size of its team and increasing annual revenue to more than $125 million. With plans to increase its Series C funding in the coming months, Swan Bitcoin plans to allocate capital evenly between financial services, mining, and acquisitions. Swan Bitcoin CEO Cory Klippsten also stated that the company will be actively pursuing a public listing within the next 12 months.