Breaking News

6/recent/ticker-posts

Swan Bitcoin Steps Into Mining Ahead of Halving



Renowned cryptocurrency service Swan Bitcoin has been engaging in Bitcoin mining for a year, achieving notable success.

Swan Bitcoin, launched in 2020 by American entrepreneur Cory Klippsten, seeks to simplify BTC investment for those less versed in crypto trading. Klippsten, who boasts a wealth of experience with tech and finance giants such as Google, McKinsey, Microsoft, and Morgan Stanley, aims to go beyond spot Bitcoin ETFs—which require a basic understanding of the stock market. Swan Bitcoin, however, allows for easy BTC purchases through simple bank transfers.

As Klippsten explains, the creation of its own mining division marks a natural progression in the project's evolution. Taking a comprehensive approach, and leveraging a team experienced in Wall Street and hedge funds, Swan began forging relationships with lawyers, bankers, and analysts. This preparation, according to Klippsten, laid a solid foundation for the company's foray into the mining market.

This timely decision allowed Swan to take advantage of high competition and the network's record hash rate to secure necessary equipment at relatively low costs. 

“We spotted an opportunity to get into the market when a lot of the public and large private miners were sort of encumbered whether by large debt or by having purchased lots of ASICs at larger at higher prices and so there was just a lot of inventory available that could be snapped up relatively cheap,” Klippsten elaborates.

This approach has swiftly made Swan Bitcoin a significant player in the mining sector, boasting a computing power of 4.9 EH/s (about 1% of the entire BTC mining network), with plans to increase this to around 8.4 EH/s by March 2024. Currently operating across seven mining sites, Swan aims to expand to ten. The long-term objective is to achieve an even distribution of hashing power between the US and other countries, aiming for a 50/50 balance. This strategy will enable Klippsten's company to establish a robust and diversified mining business.

Recognizing the potential challenges the forthcoming Bitcoin halving might pose to miners (and as we know, the reward for mining new blocks is cut in half with every halving event), Klippsten emphasizes Swan Bitcoin's commitment to leveraging the opportunities this period may present. Specifically, he is focused on business expansion through new partnerships and the acquisition of smaller entities facing financial struggles.

Discussing the buzz around the launch of Bitcoin ETFs, Klippsten highlights how these funds have redirected attention from the enduring issues of altcoins to a more optimistic narrative surrounding BTC's potential and opportunities. Significant investments from traditional financial institutions behind ETFs have aided in positioning BTC as a safe store of value.  

Klippsten believes that ETFs serve as a catalyst, not only attracting direct investments but also making the cryptocurrency market more accessible to a wider audience. 
Actually if you think about the amount of money that will actually flow just into the ETFs another five to 10x of that will flow into Bitcoin through other channels because of the existence of the ETFs because it's no longer scary to anyone to be involved in this space,

Post a Comment

0 Comments