CEO Cory Klippsten revealed that the decision to unveil the platform’s mining business came after six months of successful operations. Currently, Swan Bitcoin operates seven mining farms, capable of producing a total capacity of 160 MW and a 4.5 EH/s hashrate.
The company has ambitious plans for expansion, with three more farms scheduled to launch in March. This addition will skyrocket the hashrate to 8 EH/s. To leverage cheaper energy costs, these farms will be strategically placed both domestically and internationally.
“Our ultimate objective is to have half of our equipment located in the United States, while the other half will be overseas,” explained Klippsten.
Leading the mining division is Rapha Zagury, who brings extensive experience from his previous roles at Deutsche Bank, Merrill Lynch, and Brazilian startup Open Co. Zagury joined Swan Bitcoin as the Investment Director in January last year.
In a separate announcement, Swan Bitcoin also shared that it has implemented an indefinite blocking of accounts associated with the use of cryptomixers.