- Swan Bitcoin has launched a US bitcoin mining business, operating since July 2022 with 7 farms producing 45 exahash and plans to expand to 8 exahash in March.
- Swan’s mining is led by Rapha Zagury and aims for 50% capacity in the US and 50% overseas to utilize low-cost power.
- Swan is working towards a public listing in the next 12 months, having recently deployed $205 million across its funds and generating $125 million in revenue.
Swan Bitcoin, a BTC-focused investment platform, has expanded into bitcoin mining. The company’s mining arm has been operating since July 2022 and is now coming out of stealth mode.
Mining Operation Details
Seven mining farms are currently online, powered by 160 megawatts of electricity and producing 45 exahash of mining power. Three more farms will come online in March, increasing the overall hashpower to 8 exahash. The farms are located both in the US and overseas.
Swan’s goal is to have 50% of its mining capacity in the US and 50% outside of the US. The company likes the benefits of domestic mining but also wants to utilize low-cost power globally.
Public Listing in the Works
Swan’s mining operation is led by Rapha Zagury, an alumnus of Deutsche Bank and Merrill Lynch. Zagury spent over 5 years at Brazilian consumer credit startup Open Co before joining Swan as chief investment officer.
According to CEO Cory Klippsten, Swan is working to achieve a public listing within the next 12 months. In December, Swan announced it is deploying $205 million across its equity, credit, and hedge funds. The company currently generates $125 million in annualized revenue and plans to raise a Series C financing round soon.
Conclusion
With its sizable mining operation and plans for future growth, Swan Bitcoin continues to expand as a major player in the bitcoin industry. The forthcoming public listing could significantly raise Swan’s profile and capital position. It will be interesting to watch the company’s mining expansion and future public market debut.
