Swan Bitcoin Parent Company Prepares To Go Public
Swan Bitcoin, a financial services firm, has launched its bitcoin mining business unit, Swan Mining, which has already a computing power of 160 MW or 4.5 EH/s.
The unit has been operational since the summer of last year and has been funded by institutional investors with over $100 million so far.
The company plans to raise more capital to expand its operations. The timing of the new unit is significant as the mining industry is set to become more competitive this year due to the bitcoin halving event, which will cut mining rewards by half.
Miners are racing to order more efficient rigs and buy assets to become profitable post-halving. The recent rally in bitcoin price, supported by the spot bitcoin ETF, has helped mining economics and seen companies like Core emerge from bankruptcy.
Swan Mining aims to increase its computing power by 44% or 8 EH/s by March, and has already purchased and delivered the necessary mining rigs.
(With inputs from Shikha Singh)
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