Mining Machine Manufacturer Ebang to Start Mining Bitcoins for Itself

Nasdaq-listed mining machine manufacturer Ebang (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 also 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 like Canaan (CAN) have significantly outperformed Ebang with a 205% gain year to date.