Bitcoin Miner Maker Ebang Focusing on R&D and Sales of Dogecoin Mining Machines Besides BTC

The company reported a massive drop in government grants caused by the decrease of tax rewards from the Chinese government.


Blockchain technology company, Ebang (Nasdaq: EBON) released its unaudited financial results for the first six months of the fiscal year 2021.

The high-performance Bitcoin mining machines manufacturer sold 0.80 million Thash/s of total computing power during this period, an increase of 220% from 0.25 million Th/s in the same period of 2020.

Total net revenue this year through June was $18.30 million, a spike of 65.69% from $11.04 million in the first six months of 2020. This increase was mainly due to the jump in the price of Bitcoin, which increased the expected returns on Bitcoin-related activities such as mining and, in turn, resulted in a much higher demand for mining machines. BTC -1.74% Bitcoin / USD BTCUSD $ 20,833.61
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Chairman and Chief Executive Officer Dong Hu said in a statement that they have been focusing on the research and development and sales of Bitcoin mining machines along with other cryptos such Litecoin and Dogecoin. LTC -4.08% Litecoin / USD LTCUSD $ 55.27
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However, he noted that this business is susceptible to the impact of macro and micro-environments such as economic competitions, chip production capacity and supply, global political and regulatory attitude toward crypto, and Bitcoin price fluctuations.

“To achieve long-term stable growth, the company plans to vigorously develop financial technology (FinTech) business” and launch software-as-a-service (SaaS) businesses on some of its platforms, he said.

The Company has also started the preparatory work for the construction of North American and European mining farms in June 2021.

Gross profit in the same period was $5.64 million, while net loss was $4.26 million. In the first six months of this year, government grants to the company were reduced to just $0.02 million compared to $2.54 million in the same period of 2020. This decrease in government grants was caused by the decrease of tax rewards from the Chinese government, said the company.

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