The Los Angeles-based firm Swan Bitcoin recently revealed its covert bitcoin mining operations, initiated in the summer of 2023. The company shared on Thursday its anticipation of achieving 8 exahash per second (EH/s) by March 2024. Up to this point, Swan’s mining subsidiary has successfully mined 750 bitcoin.

Swan Mining Breaks Cover, Sets Sights on Hashpower Expansion

Swan Bitcoin, specializing in bitcoin-centric financial services, recently emerged from stealth mode with its BTC mining subsidiary, Swan Mining. Swan reports that its mining activities currently boast 4 EH/s of hashpower, with plans to expand this capacity by March 2024. “The unit has purchased and taken delivery of mining equipment that will bring its total capacity to more than 8 exahash, expecting full deployment by March,” the firm stated on Thursday.

Since its inception, Swan Mining has forged “several major strategic partnerships with major industry players,” as outlined by the company’s announcement. The update omits specifics regarding the industry collaborators, the varieties of mining units utilized, or the location of its facility. Swan has reported that since the start of its mining operations, the company has successfully mined 750 BTC.

“Swan Mining developed and deployed at warp speed,” said Rapha Zagury, CIO at Swan and head of Swan Mining. “Our understanding is that this is the fastest-ever initial deployment of hashrate at this scale in Bitcoin history. We are proud to play a role in keeping bitcoin mining decentralized,” Zagury added.

Swan’s foray into the sector coincides with a competitive rush to acquire new mining units and enlarge facilities. Over the past six months, companies have invested heavily in acquiring tens of thousands of BTC mining rigs from leading producers such as Canaan, Bitmain, and Microbt. Roughly 87 days are left until the forthcoming fourth Bitcoin network halving, an event that will reduce the block reward from 6.25 BTC to 3.125 coins per block post-halving.

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