Ebang International Holdings Inc. (NASDAQ: EBON) has gained recognition as a china-based blockchain technology company. The firm has disclosed that it has held a meeting of its Board of Directors in which a decision has been authorized by the board to start the bitcoin mining business.
As per the decision, the firm is intending to run its Bitcoin mining business by embracing a mix of deploying self-produced mining machines and mining machines bought from other makers. Moreover, the firm is also planning to lease computing powers from other mining farms.
Additionally, Ebang International also anticipates investing in data center structures to offer support for Bitcoin mining operations. Ebang revealed that it will not only just continue to reinforce its position as the Bitcoin Mining machine maker after the deployment of the bitcoin business but also this business will boost the revenue cryptocurrency business and enhance its product providing framework.
Ebang said that it is confident that this will provide assistance to the firm’s conversion from a hardware maker to a blockchain firm with thorough engagements in its industry chain. It is too early to say that this decision of the firm will increase its business operation in the future or improve its performance. There can be no assurance that this decision will be effective as the firm has decided.
Furthermore, Ebang has also declared the finalization of its earlier published best-effort follow-on public offering for the sale of 14 million units put up for sale by the firm, at a buying price of US$5.00 per unit, for a total gross profit of nearly US$70 million.