Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself

The new venture is expected to increase revenue and "optimize" its product offering structure.

AccessTimeIconFeb 17, 2021 at 8:48 p.m. UTC
Updated Sep 14, 2021 at 12:13 p.m. UTC

Nasdaq-listed mining machine manufacturer Ebang (EBON) announced its plans to start mining bitcoins using its own machines.

  • Per a press release, the company's board approved plans to operate a bitcoin mining business involving a combination of deploying its own machines, machines bought from other manufacturers, and leased computing power from other mining farms.
  • 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 Canaan (CAN) have significantly outperformed Ebang with a 205% gain year to date.

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