The mining equipment manufacturer announced its intention to expand into mining when it went public last year.
According to an announcement from Chinese mining equipment supplier Ebang, the mining firm’s board passed a resolution on Thursday to establish a Litecoin (LTC) and Dogecoin (DOGE) mining business. Ebang said it will use some of its own rigs in addition to purchasing some from other crypto mining manufacturers.
By “leasing computing powers from other mining farms,” Ebang claimed it will be able to mine the two tokens simultaneously. CEO Dong Hu said the move was part of the company’s transition from a manufacturer of mining equipment to a “diversified and vertically integrated blockchain company.”
“We will develop LTC and Doge mining on the basis of our Bitcoin mining business,” said Hu. “The development of the business will further promote our related cryptocurrency-focused businesses and increase our revenue.”
The Chinese firm has been selling its own brand of mining equipment since December 2016. However, as part of its June 2020 announcement that it would be going public on the Nasdaq Global Market, Ebang said it would be expanding its services to include crypto mining facilities. Last week, the firm announced it would be establishing a Bitcoin (BTC) mining business, and it reportedly plans to launch a cryptocurrency exchange before the end of the first quarter.
Like Bitmain, MicroBT and Canaan, Ebang is considered one of the largest mining equipment makers globally. Since going public, the company’s stock has increased more than 60%, from $5.00 to $8.05 at the time of publication. It is also planning to expand its services to New Zealand by purchasing a local financial firm and setting up a digital asset platform.