Mining machine manufacturers are a fundamental part of the cryptocurrency industry. Its advancements largely determine what can be done to optimize Bitcoin mining, for example. However, as the cryptocurrency grows they can find other ways to make money within the same industry right? Well, it seems that this is what Ebang has decided, now that they have decided to mine BTC on their own, in parallel to the sale of their machines.
Why has Ebang decided to start mining BTC for themselves?
Nasdaq-listed mining machine maker Ebang (EBON) announced its plans to start mining BTC using its own machines. For this reason, the new company is expected to increase revenue and “optimize” its product offering structure.
This was announced in a press release, where the company director announced the plans. Now the mining business for Ebang will be more than just machine manufacturing, as they now seek to deploy their own machines. However, it does not end there, as they intend to use machines bought from other manufacturers. The company also plans to build data centers for its mining farms.
In that sense, they stated that they expect mining to “increase our income in the cryptocurrency business and optimize our product offering structure.” This is part of CEO Dong Hu’s words in the statement.
Shares of the Hangzhou, China-based company are trading at $ 11.06, a considerable gain. But other public mining manufacturers like Canaan (CAN) have significantly outperformed Ebang with a 205% gain to date.
Are there other plans on the horizon in this company?
Indeed, there are. This proprietary mining company is Ebang’s latest expansion. However, already in late December 2020 the company announced its plans to launch a cryptocurrency exchange by April 2021.
Therefore, we could expect positive results for the company’s actions if they are able to consolidate and execute these and other plans. The truth is that they are revolutionizing their own business strategy in order to expand their potential in this industry where everything is yet to be done.