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California-based Swan Shelves IPO Plans, Cuts Staff, and Shuts Down Bitcoin Mining Unit

California-based Bitcoin services firm Swan has announced significant operational changes, including shelving its IPO plans, cutting staff, and shutting down its managed Bitcoin mining business
By: DeepNewz • July 23, 2024
California-based Swan Shelves IPO Plans, Cuts Staff, and Shuts Down Bitcoin Mining Unit

California-based Bitcoin services firm Swan has announced significant operational changes, including shelving its IPO plans, cutting staff, and shutting down its managed Bitcoin mining business.

The decisions were made due to a lack of expected near-term revenue from the managed mining unit.

CEO Corey Klippsten confirmed the company's strategic shift, emphasizing the challenging nature of the Bitcoin business.

Swan's managed mining unit had been operational for only five months before the decision to close it was made.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.

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