Ebang International Completes 6 nm ASIC Chip Designing for Bitcoin Mining Machines
Rhea-AI Summary
Ebang International Holdings (Nasdaq: EBON) announced the completion of its 6 nm ASIC chip for Bitcoin mining, highlighting its potential competitive advantage. The company will commence volume production once market conditions are favorable. CEO Dong Hu noted this achievement as a significant milestone in R&D efforts, aiming to enhance revenue and optimize product offerings in the digital currency sector. However, there are no guarantees regarding commercialization or financial improvement. Investors should remain cautious about future outcomes.
Positive
- Completion of 6 nm ASIC chip facilitates potential competitive market advantage.
- Plans for volume production indicate readiness to capitalize on market conditions.
- Focus on R&D may strengthen product offerings in the cryptocurrency market.
Negative
- No guarantee of successful commercialization of the 6 nm ASIC chip.
- Uncertain financial performance may lead to investor skepticism.
News Market Reaction
On the day this news was published, EBON gained 12.73%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HANGZHOU, China, March 17, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that it has completed a 6 nm ASIC chip designed for Bitcoin mining machines, which is expected to have a competitive edge in the market in terms of performance. The Company plans to begin volume production of its 6 nm chip when it determines market conditions become suitable.
Mr. Dong Hu, Chairman and CEO of the Company, commented, “The completion of our 6 nm ASIC chip is a significant milestone of our constant R&D efforts in recent years. We have devoted a lot of resources in building our R&D team and product innovation and iteration. Looking forward, we plan to continue developing ASIC chips designed for more mainstream cryptocurrency machines, which we believe will increase our revenue in the digital currency business and optimize our product offering structure along the blockchain industry value chain.”
There is no guarantee that the Company will be able to commercialize its 6 nm ASIC chip design as planned or at all, or that such commercialization will improve the Company’s financial performance or results of operations. Shareholders are cautioned not to place undue reliance on this press release or the forward-looking statements contained herein.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com.cn
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
FAQ
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