Bitcoin mining, the new gold rush: Ebang’s $ 70 million poker move
Bitcoin and the 7 Dwarfs – Did you think Bitcoin mining was no longer profitable? Well you are the only one! Ebang International has just proven the opposite with a significant fundraising of 70 million dollars. As the valuation of bitcoin increases, the profitability of this industry appreciates, to the benefit of already existing players.
A winning bet
Ebang International is a Hangzhou-based company. The company manufactures machines dedicated to Bitcoin mining . It is one of the few companies of this type, having succeeded in going public, after several unsuccessful attempts . Ebang finally went public in June 2020 and raised more than $ 100 million in an initial public offering (IPO) at the time.
Bitcoin Minage Mining
But that was not enough: this week , the company indeed sold 14 million shares at a price of 5 dollars each. With this new fundraising, the company plans to develop its own mining pool . The launch of this new business will help increase Ebang’s revenue , said Chairman and CEO Dong Hu.
The mining activity is therefore developing and recent investments in this sector seem to show that this growth is not about to stop: the race for digital gold is not about to stop!