TechFlow news — Bitcoin financial services company Swan Bitcoin has announced the cancellation of its planned public listing and the termination of its hosted mining operations, along with layoffs across multiple departments. Swan CEO Cory Klippsten stated on social media that the company will continue offering Bitcoin financial services and free Bitcoin education.
Earlier this year, Swan had announced plans to go public within 12 months, with its mining operation boasting 160 megawatts (4.5 EH/s) of computing power and over $100 million in funding from institutional investors including Tether. Despite tightening industry conditions, several private mining firms, such as Genesis Digital Assets, still plan to pursue public listings.
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