Co-ordinate to an announcement from Chinese mining equipment supplier Ebang, the mining firm's board passed a resolution on Thursday to establish a Litecoin (LTC) and Dogecoin (DOGE) mining business concern. Ebang said information technology volition use some of its ain rigs in addition to purchasing some from other crypto mining manufacturers.

By "leasing computing powers from other mining farms," Ebang claimed it will be able to mine the two tokens simultaneously. CEO Dong Hu said the motion was role of the company's transition from a manufacturer 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," said Hu. "The development of the business will further promote our related cryptocurrency-focused businesses and increment our acquirement."

The Chinese business firm has been selling its own brand of mining equipment since December 2016. Nonetheless, every bit part of its June 2020 announcement that it would exist going public on the Nasdaq Global Market, Ebang said information technology would be expanding its services to include crypto mining facilities. Last week, the firm announced it would be establishing a Bitcoin (BTC) mining business organization, and information technology reportedly plans to launch a cryptocurrency exchange before the end of the offset quarter.

Like Bitmain, MicroBT and Canaan, Ebang is considered ane of the largest mining equipment makers globally. Since going public, the company's stock has increased more than lx%, from $5.00 to $eight.05 at the time of publication. It is besides planning to expand its services to New Zealand by purchasing a local fiscal business firm and setting upwards a digital nugget platform.