Home » Bitcoin » Swan Bitcoin Suspends Bitcoin Mining Activities

Swan Bitcoin Suspends Bitcoin Mining Activities

23.07.2024 20:00 1 min. read Kosta Gushterov
SHARE: SHARES
Swan Bitcoin Suspends Bitcoin Mining Activities

Swan Bitcoin, a financial services company specializing in the Bitcoin sector, has announced that it is suspending its mining operations and postponing plans for an initial public offering (IPO).

On July 22, the company’s CEO Corey Klipsten said:

Swan is unlikely to continue with our [Bitcoin] Managed Mining business in the near future. With no significant revenue expected in the near future from our Managed Mining unit, we are withdrawing our plans for an IPO in the near future.

Klipsten also mentioned that the company is cutting its accelerated spending plan for its core financial services business. Unfortunately, this includes staff cuts in many functions.

Swan’s decision is surprising given that in May the company launched a customized Bitcoin mining service (Managed Mining) that has attracted interest from large institutional companies like stablecoin issuer Tether.

 

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.

Telegram

SHARE: SHARES
More Bitcoin News
No Comments yet!

Your Email address will not be published.