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Swan Bitcoin's Mining Unit Aims to Increase Computing Power by 44% by March

26/01/2024 15:21

According to CoinDesk, Swan Bitcoin's newly formed mining business unit, Swan Mining, plans to raise its computing power by 44% by March. The company already has 160 megawatts (MW) or 4.5 exahash per second (EH/s) worth of computing power up and running. Swan Mining has received more than $100 million in investments from institutional investors and aims to raise additional capital for expansion. Rapha Zagury, chief investment officer at Swan and head of Swan Mining, said the company brings financial expertise and operational excellence to the mining unit, while investors provide equity capital in exchange for priority on initial payouts and continued shared upside. The industry is expected to become more competitive this year due to the bitcoin halving event, which will see mining rewards cut by half. Many miners are ordering more efficient rigs and buying up assets to remain profitable post-halving. Swan Mining aims to increase its computing power by 44% or 8 EH/s by March and has already purchased and taken delivery of the mining rigs required to achieve this target. The firm has mined more than 750 bitcoin through its seven operating mining sites in and outside the U.S., with three more sites currently underway. Swan Bitcoin, the parent company, raised $205 million of capital last year and plans to raise another round of funding in the coming months. The company expects to go public within the next 12 months.

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