The U.S. company has revealed that it began mining operations in July 2023, with over 750 bitcoin already mined.
Through a post on X, the Californian company announced that it started its own bitcoin mining facility last summer, managing to mine over 750 bitcoin.
Swan Bitcoin stated that the launch of a mining farm is part of the plan to build a more “comprehensive” Bitcoin company. The company also emphasized that its mining unit will not rely on debt and will keep the balance sheet separate from its other business branches.
Swan Bitcoin currently operates seven mining facilities, generating 4.5 exahashes of mining power, fueled by a capacity of 160 megawatts of electricity. According to the company’s CEO, Cory Klippsten, the implementation of three more mining units is planned by March, which should increase the overall hash power to 8 exahashes.
The exact locations of the mining facilities are not disclosed at the moment. However, Klippsten has revealed that the long-term goal is to maintain 50% of operations in the United States and the remaining 50% in locations abroad.
The company’s future plans
Swan Bitcoin’s mining operations are overseen by chief investment officer Rapha Zagury, a former Deutsche Bank and Merrill Lynch executive.
Currently, Swan generates $125 million in annual revenue and is seeking funding for a Series C financing round. The company’s future plan includes going public on the stock market within the next twelve months.
