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Swan Bitcoin, a BTC-focused investment platform based in California, has recently expanded its operations into the realm of bitcoin mining. Since July 2023, the company has been running a mining operation, which until now had been in stealth mode. According to CEO Cory Klippsten, this mining venture has already yielded impressive results, with over 750 bitcoins mined to date, according to <a href="https://www.theblock.co/post/274394/swan-bitcoin-announces-us-mining-business-with-750-btc-mined-already" rel="noopener noreferrer nofollow">Theblock</a>.
The company's mining farms are powered by 160 megawatts of <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a>, generating 4.5 exahashes of mining power. Plans are underway to enhance these capabilities, with three additional farms scheduled to launch in March 2024. This expansion is expected to increase the overall hashpower to approximately 8 exahashes. Klippsten stated that these operations are both within the U.S. and internationally, though specific locations and power sources remain undisclosed.
Swan Bitcoin's long-term strategy involves a balanced approach to mining locations, with a goal of achieving a 50-50 split between operations in the U.S. and abroad. Klippsten, a proponent of domestic mining, also recognizes the advantages of accessing low-cost power on a global scale.
Leading Swan's mining operations is Rapha Zagury, a former Deutsche Bank and Merrill Lynch professional with over five years of experience at the Brazilian consumer credit startup Open Co. Under his leadership, Swan aims to go public within the next 12 months. The company, which already generates $125 million in annualized revenue, is preparing for a Series C financing round in the coming months.
This move by Swan Bitcoin into mining represents a significant step in the company's expansion and diversification within the cryptocurrency sector. With the substantial amount of capital already deployed and ambitious plans for the future, Swan Bitcoin is positioning itself as a major player in both investment and mining aspects of the bitcoin ecosystem.

Swan Bitcoin Ventures into Mining, Producing Significant BTC

Ultramining_Eng

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