31 sats \ 8 replies \ @kepford 23 Jul \ on: Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit bitcoin
I'm not surprised. Swan's expansions have been pretty drastic and when you look at the mining and fee markets right now its gotta be rough.
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86 sats \ 7 replies \ @OT OP 23 Jul
Look at the hash rate pumping (~15%). I understand lots of unprofitable miners are coming back online as the price increases. This is what I don't understand
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31 sats \ 5 replies \ @kepford 23 Jul
Price has been down while difficulty increased while fees have been decreasing. The halving is always hard on mining ops and my guess is Swan grew to fast and has run out of capital.
It also could be something else entirely. We could speculate all day I guess.
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31 sats \ 4 replies \ @OT OP 23 Jul
Is there any info on their mining operations? Which pool were they using?
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65 sats \ 2 replies \ @Bell_curve 23 Jul
I don't think they knew what they were doing as far as mining was concerned
Mining is a tough business for miners who have been doing it a long time
Most of Swan executives have a finance background
Max Keiser is an investor and board member/advisor
The company had too many people on payroll that were non essential
I volunteered at their conference last year and met a lot of non essential staff
I say non essential because they are not miners or developers or whatever
the company seems like a large meetup for southern California
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21 sats \ 1 reply \ @OT OP 23 Jul
You're probably right. Mining is super risky, but saying this now right before a massive bull run? IDK
True about the staff not really being "needed". I thought they weren't really paid much and received equity in the company instead.
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0 sats \ 0 replies \ @Bell_curve 23 Jul
what they should have done was buy, sell and auction hashrate
This way you can make money from mining w/o having to buy ASICs
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31 sats \ 0 replies \ @kepford 23 Jul
Probably but I don't know.
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0 sats \ 0 replies \ @Bell_curve 23 Jul
Their timing was wrong.
They should have waited and launched their mining division after the halving date.
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