Crypto
Cory Klippsten’s Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit
![](https://blacknewsdaily.com/wp-content/uploads/2024/07/6OHV3ATTGZHQ7HS56A6D4MZYGM-780x470.jpg)
The move comes at a time when the mining landscape has become more competitive after the recent Bitcoin halving, which cut the block rewards by half. The availability of spot bitcoin exchange traded-funds (ETFs) have also deterred many investors from the mining industry, shutting some doors to capital for miners. As a result, many miners are struggling to keep their business profitable by being pure-play mining operations and pivoting some of their infrastructure to serve artificial intelligence and cloud computing-related services.