Ebang planning to expand business to mine LTC and DOGE

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Based on an announcement from Chinese language mining tools provider Ebang, the mining agency’s board passed a decision on Thursday to ascertain a Litecoin (LTC) and Dogecoin (DOGE) mining enterprise. Ebang mentioned it’s going to use a few of its personal rigs along with buying some from different crypto mining producers.

By “leasing computing powers from different mining farms,” Ebang claimed will probably be capable of mine the 2 tokens concurrently. CEO Dong Hu mentioned the transfer was a part of the corporate’s transition from a producer of mining tools to a “diversified and vertically built-in blockchain firm.”

“We are going to develop LTC and Doge mining on the idea of our Bitcoin mining enterprise,” mentioned Hu. “The event of the enterprise will additional promote our associated cryptocurrency-focused companies and enhance our income.”

The Chinese language agency has been promoting its personal model of mining tools since December 2016. Nonetheless, as a part of its June 2020 announcement that it will be going public on the Nasdaq World Market, Ebang said it would be expanding its services to incorporate crypto mining amenities. Final week, the agency announced it will be establishing a Bitcoin (BTC) mining enterprise, and it reportedly plans to launch a cryptocurrency trade earlier than the tip of the primary quarter.

Like Bitmain, MicroBT and Canaan, Ebang is taken into account one of many largest mining equipment makers globally. Since going public, the corporate’s inventory has elevated greater than 60%, from $5.00 to $8.05 on the time of publication. It is usually planning to expand its services to New Zealand by buying an area monetary agency and organising a digital asset platform.