Swan Mining Launches after Secret Development Period
Swan Mining is the new venture from Swan Bitcoin, and the company hopes this will make it a more fully-fledged Bitcoin company.
Swan Bitcoin has been operating as a financial services firm with a focus on Bitcoin offerings, and this business plan will extensively grow its reach and offerings. The company has been working on its mining launch under the radar for about six months, and it is part of a bold plan to grow the business in a major way. The Swan Bitcoin owners said they intend to be listed publicly by this time next year.
The company’s CEO, Cory Klippsten, spoke on those plans, saying that the company is attracting “opportunities and capital required to launch new business lines and grow them rapidly.”
Investors worried about the future of the company after this major news are being assured by Swan Bitcoin that the company will operate its new mining arm on a debt-free model. The two divisions will be legally separate as well so as not to bring any debt over to the main company.
Swan Mining’s Success
The mining has already started for this new business arm, with Swan Mining producing 750 Bitcoin (BTC). By march, the company expects that it will move past 8 EH/s as it launches more powerful, newer mining tools.
The company is doing well without having to expand into mining, which is surely a comfort for its investors. Last year, the company managed to bring in $125 in revenue. At the same time, the corporations’ staff doubled.
Swan Bitcoin’s leaders said they are very excited to share their mining operation with the world. While it has been developed in secret, it is making big waves now across the cryptocurrency marketplace. The secrecy was necessary, the company heads say, so that ASIC miners would not experience pricing disruptions until everything was ready to go.
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