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Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself
The new venture is expected to increase revenue and "optimize" its product offering structure.
By Zack Voell
Updated Dec 12, 2022, 1:52 p.m. Published Feb 17, 2021, 8:48 p.m.
Nasdaq-listed mining machine manufacturer Ebanghttps://hashrateindex.com/stocks/ebon (EBON) announced its plans to start mining bitcoins using its own machines.
- Per a press release, the company's board approved plans to operate a bitcoin mining business involving a combination of deploying its own machines, machines bought from other manufacturers, and leased computing power from other mining farms.
- 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 Canaanhttps://hashrateindex.com/stocks/can (CAN) have significantly outperformed Ebang with a 205% gain year to date.
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