Bitcoin mining hardware manufacturing company, Ebang International passed a resolution on Feb. 25 to launch a Litecoin (LTC) and Dogecoin (DOGE) mining business. Apparently, the company will use its own rigs in addition to purchasing some from other crypto mining manufacturers. According to the press release, it will lease the computing powers from other mining farms to mine LTC and DOGE simultaneously. The move comes as part of Ebang’s transitioning from a mining manufacturer to a diversified and vertically integrated blockchain company.
Ebang Shares Rose by 20% Following Announcement for Mining LTC and DOGE
In the announcement release, Chairman and CEO of Ebang International, Dong Hu, stated:
“We will develop LTC and Doge mining on the basis of our Bitcoin mining business. The development of the Business will further promote our related cryptocurrency-focused businesses and increase our revenue. We believe this move will accelerate the Company’s transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.”
Ebang has further clarified that there is no guarantee that the expansion of the Litecoin (LTC) and Dogecoin (DOGE) mining business will improve along with its financial performance.
Ebang to Launch Crypto Exchange in 2021
Ebang is reputed in the crypto market as a Bitcoin mining hardware manufacturer. Its latest announcement for mining Dogecoin and Litecoin makes a great deal of sense. For instance, Litecoin was born as a hard fork from Bitcoin in 2011. While Dogecoin was forked off of Litecoin’s codebase two years later. The three cryptocurrencies will be mined using similar mining technologies.
Ebang International has been selling its own mining machines since December 2016. The company recently announced after starting its own cryptocurrency exchange in the first quarter of 2021.