what's 2040 Energy?
2040 Energy is a Bitcoin mining joint venture formed between Tether, which holds an 80% stake and provides financing, and Swan Bitcoin, with a 20% stake responsible for initial operational management. The company specializes in developing and operating large-scale industrial Bitcoin mining facilities across multiple jurisdictions, including Tasmania in Australia, Norway, and Texas in the United States, leveraging strategic power and infrastructure advantages for efficient hashrate deployment. The venture aimed to rapidly scale mining operations, with targets exceeding significant EH/s capacities. Following a dispute in mid-2024 involving executive resignations and control shifts, Proton Management took over operations, while legal proceedings continue between the partners over intellectual property, data, and contractual obligations.
2040 Energy: 13 resignations, data exfiltration, ex-CIO/Tether conspiracy to dismantle mining.
Experienced a coordinated mass resignation of 13 employees within hours on August 8, 2024, accompanied by alleged exfiltration of thousands of confidential files as part of an internal conspiracy involving ex-CIO Raphael Zagury and Tether-linked actors to dismantle the mining joint venture.