Investment platform Swan Bitcoin has launched a mining business

Since last July, the company has been operating seven farms with a hashrate of 4,5 EH/s

26.01.2024 - 10:45

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2 min

What’s new? Swan Bitcoin, a California-based digital asset management platform, has started a bitcoin mining business. According to CEO Cory Klippsten, Swan Bitcoin launched the new business without publicity back in July 2023 and has mined over 750 BTC since then. The company operates seven farms with a total capacity of 160 MW and a hashrate of 4,5 EH/s. Three more sites in the United States and overseas will be launched in March. However, Klippsten did not disclose what energy sources are used to mine the asset.

The Block’s material

What else is known? In the long term, Swan Bitcoin plans to place 50% of the mining capacity outside the United States. Klippsten explained that he is positive about mining cryptocurrencies within the country, but also intends to target countries with cheaper electricity around the world.

The mining division is led by Swan Bitcoin Chief Investment Officer Rapha Zagury, who previously worked at Deutsche Bank and Merrill Lynch, as well as Brazilian consumer lending startup Open Co.

Klippsten also said that Swan Bitcoin intends to go public within the next 12 months. The company currently has annual revenues of $125 million and plans to raise a Series C funding round in the coming months.

Last November, Swan Bitcoin began blocking users whose accounts directly interact with crypto mixers. The measures came after the US Treasury Department proposed to tighten the accounting of cryptocurrency mixing transactions.