The board of directors of Ebang International Holdings has decided to launch a Litecoin and Dogecoin altcoin mining business, the company said in a press release.
According to the resolution, the firm will deploy both proprietary and other manufacturers’ equipment to mine the coins.
“We will develop Litecoin and Dogecoin mining based on our bitcoin mining business. This further promotes the company’s cryptocurrency-oriented operations and revenue growth,” said Ebang Chairman and CEO Dong Hu.
The Chinese mining equipment maker announced its intention to start mining cryptocurrencies in June 2020 before its IPO on Nasdaq.
In February 2020, Ebang announced the launch of a bitcoin mining venture. The company raised $70 million through an additional public offering. The firm also plans to use the funds to develop its digital asset mining business.
As part of its blockchain expansion, Ebang plans to launch a cryptocurrency exchange in the first quarter.