Ebang International Issues Open Letter to Shareholders
HANGZHOU, China., April 13, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company”), a blockchain technology company, today issued an open letter from the Company’s
chairman to shareholders.
Now that we are past the first quarter of 2021, I had planned to provide a shareholder update in connection with the upcoming filing of our annual report. As a result of some of the articles that surfaced last week and the input and questions that I received from many shareholders, I have decided to accelerate the timing of this letter in order to address some of the questions and concerns that have been raised.
First and foremost, I want to reiterate the vision and mission that led us to found Ebang and subsequently enter into the cryptocurrency-related business, and drives me and my loyal and hard-working colleagues each and every day.
Since we went public, we are committed to serving the needs of all of our stakeholders and have been focused on a primary goal -- to become a globally prominent blockchain company driven by technological innovations. To that end, we have worked tirelessly to position our company in the global crypto market, maintained a healthy balance sheet with a strong cash position in order to enable us to take advantage of opportunities that frequently arise in this fast-paced and dynamic blockchain industry, and have positioned ourselves to extend our global reach through our self-developed proprietary cryptocurrency exchange platform called Ebonex. Why? Because we are committed to serving the needs of all of our stakeholders. Since our initial listing on Nasdaq in June 2020, we have been relentless in our quest to create value for our shareholders by achieving certain key milestones:
- In November 2020, we were granted an exclusive license of the AsicBoost patent, a method that can increase performance of Bitcoin mining by approximately 20%. The
increased performance is achieved through a high-level optimization of the Bitcoin mining algorithm which allows for drastic reduction in gate count on the mining chip;
- In February 2021, we completed the design phase of a chip for simultaneous Litecoin and Dogecoin mining;
- In March 2021, we completed the design phase of the 6 nm ASIC chip; and
- In April 2021, we launched our cryptocurrency exchange platform Ebonex (www.ebonex.io).
Looking ahead, the cryptocurrency market remains a very large and attractive market that is growing globally. We are focused on developing new technologies to improve efficiency of our ASIC chips and mining machines and believe that Ebang is well positioned to capture the market growth. For the remainder of 2021, we will commit to increasing investments in high performance ASIC chips and mining machines. I understand that the only way to really judge our achievements is by our ability to hit operating and financial performance milestones and have such milestones translate into shareholder value. The milestones that we have set to achieve by December 31, 2021 are: