Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself
The new venture is expected to increase revenue and "optimize" its product offering structure.
Feb 17, 2021 at 8:48 p.m. UTCUpdated Aug 19, 2021 at 7:19 a.m. UTC
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Nasdaq-listed mining machine manufacturer Ebang (EBON) announced its plans to start mining bitcoins using its own machines.
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- 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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