Swan Bitcoin announces mining business, revealing 750 BTC mined

Swan Bitcoin announces mining business, revealing 750 BTC mined

By Benson Toti - 2 min read
  • Swan Mining started its operations in the summer of 2023, and has mined over 750 BTC.
  • Currently, it has 4.5 exahash and expects to exceed 8 exahash by March.

Swan Bitcoin, a US-based investment platform focused Bitcoin (BTC), has announced Swan Mining, the company’s mining arm that had been operating in stealth mode.

The company’s Bitcoin mining arm launched its operations in July 2023, the company said in a press release on Thursday, noting that it has so far mined over 750 bitcoins.

Swan Mining currently contributes 4.5 exahash to the Bitcoin network, the firm added. The mining unit expects its mining capacity to increase to more than 8 exahash by March, 2024.

Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly,” Swan founder and CEO Cory Klippsten said:

Swan also eyeing public listing

According to today’s announcement, Swan Mining’s business uses a funding model that has no debt. Also notably, the mining platform has legally segregated its entities from the rest of Swan Bitcoin’s business.

Swan, which has seen a rapid expansion over the past year, with its revenue surpassing $125 million, says it’s eyeing a Series C financing. Targeted for conclusion over coming months, raised capital will be split between the company’s financial services, mining, and acquisitions divisions.

Klippsten has also hinted at Swan’s push for a US public listing, with the company looking at the next 12 months.

UK accelerates Digital Pound design amid privacy concerns and banking criticism

By Charles Thuo - min read
  • Treasury and BOE intensify efforts to explore CBDC feasibility and design options.
  • Emphasis is on privacy and security in the CBDC design process.
  • Discrepancies over holding limits highlight debates within the banking sector.

The United Kingdom is ramping up efforts to develop its own Central Bank Digital Currency (CBDC), known as the Digital Pound or Britcoin, amidst growing privacy concerns and criticism from banking institutions.

The move signals a pivotal moment in the UK’s exploration of digital currencies as it navigates the complexities of modernizing its monetary system.

Digital Pound design work underway

The UK Treasury and the Bank of England (BOE) have announced a significant step forward in the development of a digital version of the pound. Acknowledging the need for further study, officials are intensifying efforts to explore the feasibility and design options for a CBDC. This decision follows a consultation process that garnered over 50,000 responses, reflecting widespread interest and engagement in the initiative.

Privacy and security remain paramount considerations in the design process. The government and BOE are committed to addressing public apprehensions, particularly fueled by concerns over privacy infringement. Measures will be taken to ensure that the digital pound prioritizes user privacy and security, with safeguards in place to protect personal data and prevent unauthorized access.

Holding limits for companies and individuals

One contentious issue surrounds the proposed holding limits for individuals and companies. While the UK government has suggested individual CBDC holding limits ranging from £10,000 to £20,000, commercial banks have voiced concerns. Banks advocate for lower limits, citing potential risks to financial stability and the possibility of triggering bank runs during times of crisis.

The discrepancy in holding limits reflects broader debates within the banking sector regarding the impact of CBDCs on traditional banking operations. Building societies, in particular, express apprehension, as existing legislation mandates a balance between deposits and lending. The introduction of a CBDC could disrupt this balance, potentially destabilizing the sector.

The UK’s pursuit of a digital pound underscores its commitment to innovation in monetary systems while addressing the evolving needs of consumers in an increasingly digital economy. As the design phase progresses, stakeholders will continue to navigate challenges and opportunities, ensuring that the digital pound aligns with the UK’s broader economic objectives and regulatory framework.

In the global landscape, the UK’s initiative places it alongside other countries exploring CBDCs, such as the European Central Bank’s digital euro project. With digital currencies gaining momentum worldwide, the UK’s strategic approach to CBDC development reflects a proactive stance in shaping the future of finance.