Swan Bitcoin Ventures into Mining Ahead of IPO Debut
Swan Bitcoin Starts Mining Before Going Public: Boosting Money and Market Position.
Swan Bitcoin, a prominent player in the cryptocurrency industry, has announced its entry into the mining sector. With plans for an imminent public listing, the company has set its sights high, aiming to achieve an impressive hash rate of 8 exahashes per second (EH/s) by the year 2024.
Sources close to the matter, as reported by CoinDesk, reveal that Swan Bitcoin's newly established mining division is already operational. This significant development forms part of the company's comprehensive growth strategy as it gears up for its highly anticipated initial public offering (IPO). The introduction of mining operations is poised to diversify Swan Bitcoin's revenue streams and fortify its position in the competitive crypto market.
Bitcoin mining serves as the backbone of the cryptocurrency network, facilitating the creation of new Bitcoins through a process known as proof-of-work. Miners, the backbone of the system, validate transactions on the blockchain and are rewarded for their efforts.
Every 10 minutes, a new block of transactions is added to the Bitcoin blockchain, with miners receiving 6.25 Bitcoins as a reward. However, this reward undergoes a halving process approximately every four years, reducing the rate of Bitcoin generation.
Market analysts suggest that each halving event contributes to Bitcoin's growing scarcity, potentially exerting upward pressure on its price.
The next halving event, scheduled for April, will further diminish mining rewards to 3.125 Bitcoins per block, marking a significant milestone in Bitcoin's ongoing evolution.