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Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today held a board meeting and passed a resolution (the “Resolution”) to launch a Litecoin and Dogecoin mining business (the “Business”). According to the Resolution, the Company plans to operate its Litecoin (“LTC”) and Dogecoin (“Doge”) mining business by adopting a combination of deploying self-manufactured mining machines and mining machines purchased from other manufacturers as well as leasing computing powers from other mining farms and allow LTC and Doge to be mined simultaneously.
Mr. Dong Hu, Chairman and CEO of the Company, commented, “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. We believe this move will accelerate the Company’s transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.”
There is no guarantee that the Company’s operation of LTC and Doge mining business will commence as planned or at all, or that such business operation will improve the Company’s financial performance or results of operation. Shareholders are cautioned not to place undue reliance on this press release or the forward-looking statements therein.