Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself
The new venture is expected to increase revenue and "optimize" its product offering structure.
Nasdaq-listed mining machine manufacturer Ebanghttps://hashrateindex.com/stocks/ebon (EBON) announced its plans to start mining bitcoins using its own machines.
- Ebang expects mining to "increase our revenue in cryptocurrency business and optimize our product offering structure," CEO Dong Hu said in the statement.
- The company also plans to build data centers for its mining farms.
- The proprietary mining venture is the latest expansion for Ebang. In late December 2020, the company announced its plans to launch a cryptocurrency exchange by April 2021.
- Shares of the Hangzhou, China-based company are trading at $10.38, up 44% this year. But other public mining manufacturers such as Canaanhttps://hashrateindex.com/stocks/can (CAN) have significantly outperformed Ebang with a 205% gain year to date.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.