Ebang planning to expand business to mine LTC and DOGE

The mining equipment maker announced its intent to expand into mining when it went public this past year.
According to a statement from Chinese mining equipment provider Ebang, the mining company’s board passed a resolution on Thursday to set a Litecoin (LTC) and Dogecoin (DOGE) mining enterprise. Ebang said it will use a number of its own rigs in addition to purchasing any from other crypto mining producers. By”leasing calculating abilities from other mining farms,” Ebang maintained it will have the ability to mine the two tokens simultaneously. CEO Dong Hu said that the movement was a part of their corporation’s transition from a manufacturer of mining equipment into your”diversified and vertically integrated blockchain business. ”“We will develop LTC and Doge mining on the grounds of our Bitcoin mining firm,” said Hu. “The development of the business will further boost our related cryptocurrency-focused companies and improve our revenue.” The Chinese firm has been promoting its own brand of mining equipment since December 2016. Last week, the firm announced it would be establishing a Bitcoin (BTC) mining company, and it allegedly plans to establish a cryptocurrency exchange before the end of their first quarter. Much like Bitmain, MicroBT and Canaan, Ebang is regarded as among the biggest mining equipment manufacturers globally. Since going public, the corporation’s stock has increased more than 60%, from $5.00 to $8.05 in the time of publication. It’s also likely to expand its services to New Zealand by simply purchasing a local financial firm and establishing an electronic advantage platform.

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