Ebang Prepares To Launch Bitcoin Mining Business
- Ebang International Holdings Inc. (NASDAQ: EBON) intends to launch its Bitcoin mining business through the combined deployment of self-manufactured mining machines and third-party mining machines and leasing computing powers under a resolution approved in its board meeting.
- The company also plans to invest in data center constructions in support of Bitcoin mining activities.
- "With the development of Bitcoin mining business, the company will not only just continue to position itself as a Bitcoin mining machine producer. 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 company with comprehensive involvements in its industry chain," said Ebang CEO Dong Hu.
- Ebang raised $70 million in an upsized secondary offering last week. The offering proceeds were meant to be utilized for R&D, production, and sales of ASICs and equipment related to cryptocurrencies, expansion of its cryptocurrency mining business and establishment and operation of cryptocurrency mining farms, and general corporate purposes.
- Price action: EBON shares are up 21.6% at $9.58 on the last check Wednesday.
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