Ebang plans to increase the enterprise to LTC and DOGE
The mining company’s board of directors decided today to start a mining business for Litecoin (LTC) and Dogecoin (DOGE), according to an announcement from Chinese mining equipment supplier Ebang. Ebang says it will be using some of its own rigs in addition to buying some from other crypto mining manufacturers.
By “leasing computing power from other mining companies”, Ebang can mine the two tokens at the same time. CEO Dong Hu said the move was part of the company’s transition from a mining equipment maker to a “diversified and vertically integrated blockchain company.”
“We will develop LTC and Doge mining based on our bitcoin mining business,” Hu said. “The development of the business will further fuel our related cryptocurrency-oriented businesses and increase our sales.”
The Chinese company has been selling its own mining machinery brand since December 2016. However, as part of his public listing on the Nasdaq Global Market in June last year, Ebang announced plans to add crypto-mining facilities to its services. Last week the company announced it was building a bitcoin mining (BTC) business and reportedly plans to launch a cryptocurrency exchange before the end of the first quarter of 2021.
Like Bitmain, MicroBT and Canaan, Ebang is considered one of the world’s largest manufacturers of mining equipment. Since going public, the company’s stock has risen more than 60% from $ 5.00 to $ 8.05 at the time of publication. It also plans to expand its services to New Zealand by buying a local finance company and setting up a digital asset platform.