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HomeCryptoCurrencyAfter years of hardware development, now Ebang will mine Bitcoin for itself

After years of hardware development, now Ebang will mine Bitcoin for itself

Ebang International, one of the leading manufacturers of Bitcoin (BTC) mining equipment, plans to operate directly in this business through the rental of hash rate from other mining farms . Not without offering more details on this subject.

The information was published in a brief statement posted on its portal, through which it announced that it also plans to use self-manufactured mining equipment, in combination with the purchase of mining machines created by other firms.

In the document, dated February 17, 2021, in Hangzou province, China, the company commented that this decision was made in the framework of a meeting of the board of directors, where the resolution to enter the Bitcoin mining business was approved. The company also plans to invest in the construction of data centers to provide support for these activities.

In this regard , Dong Hu, President and CEO of Ebang, commented that by getting involved in the bitcoin mining business, the company not only hopes to position itself as a producer of bitcoin mining machines:

This move will increase our revenue in the cryptocurrency business and optimize our product offering structure. We believe it will help the company’s transformation from a hardware manufacturer to a blockchain enterprise with comprehensive implications in its industry chain.

Dong Hu, CEO de Ebang.

However, the statement ends by notifying shareholders that there is no guarantee that the business The company’s Bitcoin miner starts up as planned, or such a trading operation improves its financial performance.

Ebang to launch cryptocurrency exchange

On December 31, 2020, the company, considered one of the most recognized players in the development and commercialization of equipment specialized ASICs for cryptocurrency mining, announced in a press release that it also plans to officially launch its exchange in the first quarter of 2021.

The company clarifies that has completed the internal tests of the cryptocurrency exchange, at the same time that the public study began.

In that opportunity, Dong Hu commented that the completion of the internal testing of the cryptocurrency exchange is a further step in the expansion of the “blockchain financial services” business.

«In the meantime, we will also explore other business opportunities in the blockchain and cryptocurrency industry, such as the establishment of mining farms and cryptocurrency mining to optimize the structure of our offerings in the value chain of the blockchain industry, “he added.

Ebang seeks to move from being just a hardware manufacturer to becoming “a blockchain company.” Source: Doughnutew / pxhere.com

To launch this exchange of cryptocurrencies, Ebang established a subsidiary in Singapore, thus awaiting the approval of the regulatory authorities of that nation.

«As our next step, we plan to seek the relevant government approval and license to operate cryptocurrency exchange and related businesses, ”the company said on August 14, 2020.

Ebang on the Nasdaq market

After knowing that Ebang would activate its own exchange of cryptocurrencies, the price of its shares rose by 23% on the Nasdaq market in New York, as reported by CriptoNoticias on January 3, 2021.

The company also expressed its intention to venture into other the business models within the bitcoiner ecosystem and announced that this was well received by investors. The company’s shares on the Nasdaq market went from a price of less than USD 5 per unit to above USD 6 in a single day.

In a statement published on February 17, 2021, the financial group Univest Securities announced that its client, Ebang, managed to sell, as proposed, a group of 16 million Class A shares for a total amount of USD 70 million through a Follow-up Public Offering (FPO,

It should be remembered that Ebang received the intention of listing on the Nasdaq global market with the EBON token, since June 26, 2020. It became thus, in the second crypto mining company to be listed on a U.S. stock exchange, as reported by Chinese news channel Blockbeats.

At the time of writing, the EBON price is $ 12 , 59 which represents an increase of USD 2.11 in the last 24 hours.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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