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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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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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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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Their timing was wrong.
They should have waited and launched their mining division after the halving date.
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