JAKARTA - A platform that offers various services for buying, learning, and obtaining Bitcoin, Swan Bitcoin, recently announced its subsidiary engaged in Bitcoin mining, Swan Mining. Swan Mining is claimed to be one of the world's leading Bitcoin mining companies, with a hashpower capacity of up to 4 exahashes per second (EH/s) at this time.
Swan Mining plans to increase its capacity to more than 8 EHs by March 2024, by purchasing and receiving shipments of the latest mining equipment from leading producers. Swan Mining has also established several strategic partnerships with major industry players, although it is not mentioned in detail who these partners are.
"Swan Mining is developed and implemented at high speed," said Rapha Zagury, Chief Investment Officer (CIO) at Swan and Swan Mining's head. "Our understanding is that this is the fastest initial spread of speed throughout Bitcoin's history on this scale. We are proud to play a role in maintaining the decentralization of Bitcoin mining," he added.
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Swan Mining is part of the expansion of Swan Bitcoin, which previously focused solely on regular or instant Bitcoin purchasing services at low cost and free withdrawals. Swan Bitcoin also provides education, media and consulting services on Bitcoin for his clients.
Swan Bitcoin's move to the Bitcoin mining sector is in line with the fierce competition in the industry, which was triggered by a Bitcoin price increase of around 150 percent throughout 20237. Many Bitcoin mining companies are investing heavily in acquiring new mining rigs and expanding their facilities.
About 87 days away, the Bitcoin network will experience the fourth halging, which is a half reduction of the block reward given to miners every 10 minutes. This Halving will reduce the block reward from 6.25 Bitcoin to 3.125 Bitcoin per block. This Halving is expected to increase the value of Bitcoin due to the increasingly scarce supply.
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