Bitcoin mining equipment manufacturer Ebang plans to expand its mining operations to Litecoin (LTC) and Dogecoin (DOGE).
For the production of these cryptocurrencies, it is planned to use both our own and third-party equipment. At the same time, both coins will be mined simultaneously – both of them are based on the scrypt hashing algorithm. According to Dong Hu, CEO of Ebang, the company is gradually changing its business strategy from manufacturing equipment to directly mining cryptocurrencies. Mining LTC and DOGE fits into the new business paradigm.
“We will mine LTC and DOGE on the basis of an existing bitcoin mining platform. The initiative will help further develop our cryptocurrency business and increase our revenues, ”said Dong Hu.
Ebang is moving away from the production of mining equipment – in the fall of last year it was reported that the company’s revenue for the first half of 2020 was halved due to the coronavirus epidemic. The company announced plans to launch its own cryptocurrency exchange and cryptocurrency mining in the middle of last year.
Earlier, a similar change in direction of activity was carried out by Bitfury. One of the main developers of ASIC miners in 2013-2015, Bitfury later refocused on the development of enterprise solutions based on its own blockchain platform Exonum.