Ebang attributed 50% reduction in revenue to pandemic

Chinese miner-maker Ebang International Holdings reported that first-half revenue was $11.04 million, up from $22.35 million in the same period in 2019. The fall of 50.6% in the company was explained by the impact of COVID-19.

For the first half of the year, the company received a net loss of $6.96 million, a year earlier it amounted to $19.07 million.

Computing power sales fell 86.02% in the first six months of the year against the same period in 2019 – 0.25 EH/s versus 1.82 EH/s.

Ebang also announced the creation of a subsidiary in Canada as part of a plan to launch a cryptocurrency exchange. Previously, the company registered a subsidiary in Singapore for this purpose.

A well-known industry critic under the pseudonym BTCKING555 called the report about the Canadian firm an attempt by Ebang’s management to “divert attention from its falling market share.

In June, Ebang raised $ 101 million in an IPO on the Nasdaq. The company placed 19.3 million shares at $5.23. By September 17, quotations of securities more than doubled to $10.59. At time of writing, the company is trading at $9.8.

Recall that the shares of another Chinese miner manufacturer Canaan after the November 2019 IPO fell from a maximum of $8.9 to quotations below $2 in June this year.

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