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Ebang Worldwide Holdings Inc., the Nasdaq-listed blockchain know-how and crypto-mining {hardware} manufacturing firm, is within the information in the present day after it handed a decision to launch a Dogecoin and Litecoin mining enterprise.
In line with the corporate’s press release,
“…the Firm plans to function its Litecoin (“LTC”) and Dogecoin (“Doge”) mining enterprise by adopting a mixture of deploying self-manufactured mining machines and mining machines bought from different producers in addition to leasing computing powers from different mining farms and permit LTC and Doge to be mined concurrently.”
Ebang might be utilizing its already established Bitcoin mining enterprise to construct its credentials within the Litecoin and Dogecoin mining sector. It’s price noting, nonetheless, {that a} fastened schedule for a similar hasn’t been introduced but, with no rapid timeline set for launch.
Chairman and CEO of the corporate, Dong Hu, welcomed the event and commented,
“The event of the Enterprise will additional promote our associated cryptocurrency-focused companies and improve our income. We imagine this transfer will speed up the Firm’s transformation from solely a {hardware} producer to a diversified and vertically built-in blockchain firm with complete involvements within the blockchain business worth chain.”
The aforementioned announcement got here just a few weeks after a chip for simultaneous Litecoin and Dogecoin mining was successfully designed by Ebang. This new design is meant to permit an improve to the crypto-mining machines at the moment out there.
With a deal with creating extra crypto-mining machines, the Chairman added,
“We have now made super efforts to construct up our R&D crew and speed up product iteration and innovation. Sooner or later, we’ll deal with growing extra mainstream cryptocurrency mining machines, and we’re contemplating designing extra mining chips appropriate with a number of cryptocurrencies. We imagine it is going to assist improve our income from the cryptocurrency mining enterprise and optimize our product providing construction alongside the blockchain business worth chain.”
Higher participation of the corporate within the cryptocurrency world has additionally offered a lift to its fortunes within the inventory market. The share worth for Ebang Worldwide [NASDAQ: EBON] surged by 20.9% on Thursday morning, even though a lot of the crypto and inventory market was laying low.
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