Mining equipment manufacturer Ebang, which is engaged in Bitcoin mining, plans to expand mining operations on Litecoin (LTC) and Dogecoin (DOGE).
For mining these cryptocurrencies, it is planned to use both its own and third-party equipment. At the same time, both coins will be mined simultaneously as both of them are based on the scrypt hashing algorithm.
According to Ebang CEO Dong Hu, the company is gradually changing its business strategy from manufacturing equipment to directly mining cryptocurrencies. LTC and DOGE mining fits perfectly to the company new business style.
Dong Hu said.
We will be mining LTC and DOGE on the basis of an existing Bitcoin mining platform. The initiative will help further develop our cryptocurrency business and increase our revenues.
Ebang is moving away from the production of mining equipment. In the fall of last year it was reported that the company’s revenue for the first half of 2020 was halved due to the coronavirus epidemic. The company announced plans to launch its cryptocurrency exchange and cryptocurrency mining back in the middle of last year.
Earlier, a similar change was carried out by Bitfury. One of the main developers of ASIC miners in 2013-2015, Bitfury later refocused on developing enterprise solutions based on its blockchain platform Exonum.