The Ebang International Holdings board of directors has decided to launch a business for mining altcoins Litecoin and Dogecoin, the company said in a press release.
According to the resolution, for the extraction of coins, the company will deploy both its own equipment and other manufacturers.
“We will develop Litecoin and Dogecoin mining based on our Bitcoin mining business. This will further advance the company’s cryptocurrency-focused activities and increase revenue, ”said Dong Hu, Chairman and CEO of Ebang.
The Chinese manufacturer of mining equipment announced its intention to start mining cryptocurrencies in June 2020 before the IPO on Nasdaq.
In February 2020, Ebang announced the launch of a Bitcoin mining venture. The company raised $ 70 million through an additional public offering. The firm plans to use the funds to develop the digital asset mining business.
As part of expanding its blockchain activities, Ebang plans to launch a cryptocurrency exchange in the first quarter