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.