Specifically, the China-based mining entity’s board has reportedly approved of a resolution to form a Litecoin (LTC) and Dogecoin (DOGE) mining division.
Ebang reportedly revealed its plan to utilize a few of its own rigs, apart from acquiring a few from other crypto mining manufacturers.
Via “leasing computing powers from other mining farms,” Ebang reportedly claimed that it will have the freedom to carry out mining activities for two tokens at the same time.
Dong Hu – Ebang’s Head – reportedly remarked that the initiative was included in the firm’s transition from a manufacturing entity of mining equipment to a “diversified and vertically integrated blockchain company.”
“We will develop LTC and Doge mining on the basis of our Bitcoin mining business. The development of the business will further promote our related cryptocurrency-focused businesses and increase our revenue.” Hu reportedly added.
The company from China has reportedly been placing its self-developed brand of mining equipment up for sale since December 2016.
However, as an initiative from its June 2020 announcement regarding becoming public on the Nasdaq Global Market, Ebang reportedly revealed it will be widening its service scope to cover crypto mining facilities.
The company has reportedly set up a Bitcoin (BTC) mining business previously, with plans down its pipeline to roll out a cryptocurrency exchange before the end of the first quarter.