Tag: Ebang

Ebang’s Ebonex To Launch Crypto-Linked Card Through Partnership With Mastercard

by Blockchain News

Ebang International Holdings Inc., a China-based publicly listed company providing mining hardware for cryptocurrencies like Bitcoin, on Friday announced that its Australian crypto exchange platform, Ebonex, has partnered with Mastercard to enable a new crypto-linked card.

Ebonex allows clients to buy, sell and trade crypto assets. This collaboration with Mastercard will give Ebonex customers the flexibility to spend their crypto holdings anywhere Mastercard is accepted by seamlessly converting them into fiat currencies that Mastercard merchants accept globally.

With this partnership, Ebonex becomes the first Australian crypto exchange to be granted Mastercard’s Principal Member status to issue crypto-funded Mastercard payment cards.

Dong Hu, Chairman and Chief Executive Officer of Ebonex, said: “As a new crypto exchange in Australia, we are privileged for Ebonex to attain a Principal Membership with Mastercard to self-issue crypto-linked Mastercard cards. It is an amazing opportunity for us to extend our market reach and gain recognition in the payment and financial area. We will look to build on this collaboration and work closely with Mastercard to enable a crypto card product in the region.”

In April last year, Ebang launched the Ebonex crypto Exchange. The exchange was designed to provide global cryptocurrency participants with secure, fast, efficient, and stable trading services in multiple currencies and modes.

The exchange launch came after Ebang introduced its Australian operation with the development of its Sydney office in 2020. The move was to support the company’s growth initiative within Australia, as well as to demonstrate the company’s ambition of creating long-term value in the field of Fintech.

In June 2020, Ebang went public on the Nasdaq Global Market under the ticker EBON. The listing made Ebang become the second Bitcoin miner manufacturer to go public on a US stock exchange after Chinese crypto mining firm Canaan.

In September year, Ebang was one of the hardest hit China-based crypto companies after the Chinese government banned cryptocurrency in its entirety.

Last December, Ebang announced plans to diversify into Fintech and develop crypto mining operations outside China but admitted facing supply chain issues and difficulty in obtaining infrastructure.

Image source: Shutterstock

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Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

by NEWSBTC

This could be huge. Intel plans to enter the Bitcoin mining space with a cleverly marketed “ultra-low-voltage energy-efficient” ASIC chip. Considering that the chip shortage severely delayed the next generation of ASIC miners, this is tremendous. And, more importantly, it opens up the door for Bitcoin miners manufacturing in the USA. And in the rest of the Western world, even. 

Related Reading | Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories

In December, Raja Koduri hinted at Intel’s intention to get into the Bitcoin mining space. Even though he’s the chief architect and senior vice president of Intel’s architecture, graphics and software division, no one expected Intel to deliver so soon. Details are scarce. There’s nothing on Intel’s official site. A quick search reveals that “Access to additional search results for “bonanza” is restricted.”

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However, we have the 411 on the project that goes by the code name “Bonanza Mine.”

What Do We Know About Intel ’s “Bonanza Mine”?

The product will be an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” According to Tom’s Hardware, the page that broke the news, Intel will reveal their new chip at:

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“The ISSCC conference is a yearly gathering of the best and brightest minds in the chip industry. This year, Intel has a presentation scheduled in the ‘Highlighted Chip Releases’ category to outline a new “Bonanza Mine” processor, a new chip described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”

Apparently, Intel has been developing the product since at least 2018, when they registered “a patent for a specialized processing system that uses an optimized SHA-256 datapath.”According to Tom’s Hardware, “Intel has a wealth of experience in hardware-assisted SHA-256 algorithms due to the use of these instructions in its CPU products.” 

A more recent indication of the company’s intentions came when the already mentioned Intel executive Raja Koduri “appeared on popular streamer Dr. Lupo’s show.” He told him point-blank”

“Being able to do much more efficient blockchain validation at a much lower cost, much lower power, is a pretty solvable problem. And you know, we are working on that, and at some point in time, hopefully not too far into the future, we will kinda share some interesting hardware for that.”

BTCUSD price chart for 01/18/2021 - TradingView

BTC price chart for 01/18/2022 on Bitstamp | Source: BTC/USD on TradingView.com

Why Is This Development Important?

Until now, ASIC Bitcoin miners manufacturing is controlled by Bitmain and Microbt, with Canaan, Strongu, and Ebang handling a minority of the market. All of those companies are Chinese. The chips are all made in Taiwan and South Corea. This poses a centralization problem for the Bitcoin network that seemed unsolvable until Intel’s soft announcement.

Now, the open-source Bitcoin miner that Jack Dorsey’s Block is working on makes a lot more sense. Theoretically, the silicon chip is the only part of an ASIC machine that can’t be bought in a hardware store. With that problem solved, by no less than an industry leader with immense manufacturing power, the sky’s the limit. If this whole thing materializes, expect a huge leap forward in the further decentralization of Bitcoin mining. 

Also, Intel’s announcement certainly legitimizes Bitcoin mining as a business to watch for the next 100 years. As podcaster Anthony Pompliano said, “Bitcoin is a computer network. Every technology company will eventually plug themselves into it.” With this announcement, Bitcoin not only gets Intel’s seal of approval. The giant company has now skin in the game. 

Related Reading | Intel, Microsoft Took 10+ Years to See Gains, Crypto Investors in Good Position

To close this off, let’s quote Tom’s Hardware one more time:

“For now, it isn’t clear if Intel will release the Bonanza Mine chip as a product for the public or if it remains confined to a research project. However, given that the chip is in the “highlighted Chip Releases: Digital/ML” track and Koduri’s comments, it’s logical to expect that these chips will be offered to customers in the near future.”

So, everything we said is not a done deal just yet. It smells good, though.

Featured Image by Badar ul islam Majid on Unsplash  | Charts by TradingView

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Ebang planning to expand business to mine LTC and DOGE

by Cointelegraph

According to an announcement from Chinese mining equipment supplier Ebang, the mining firm’s board passed a resolution on Thursday to establish a Litecoin (LTC) and Dogecoin (DOGE) mining business. Ebang said it will use some of its own rigs in addition to purchasing some from other crypto mining manufacturers.

By “leasing computing powers from other mining farms,” Ebang claimed it will be able to mine the two tokens simultaneously. CEO Dong Hu said the move was part of the company’s transition from a manufacturer of mining equipment to a “diversified and vertically integrated blockchain company.”

“We will develop LTC and Doge mining on the basis of our Bitcoin mining business,” said Hu. “The development of the business will further promote our related cryptocurrency-focused businesses and increase our revenue.”

The Chinese firm has been selling its own brand of mining equipment since December 2016. However, as part of its June 2020 announcement that it would be going public on the Nasdaq Global Market, Ebang said it would be expanding its services to include crypto mining facilities. Last week, the firm announced it would be establishing a Bitcoin (BTC) mining business, and it reportedly plans to launch a cryptocurrency exchange before the end of the first quarter.

Like Bitmain, MicroBT and Canaan, Ebang is considered one of the largest mining equipment makers globally. Since going public, the company’s stock has increased more than 60%, from $5.00 to $8.05 at the time of publication. It is also planning to expand its services to New Zealand by purchasing a local financial firm and setting up a digital asset platform.