Shares of Ebang International (EBON Quick QuoteEBON - Free Report) spiked sharply on Wednesday after announcing plans to launch a Bitcoin mining business and invest in data center construction that supports Bitcoin mining activities. “This move will increase our revenue in the cryptocurrency business and optimize our product offering structure,” said CEO Dong Hu in a news release.

EBON is up 30% in late-afternoon trading.

Ebang is a Hangzhou, China-based blockchain technology company known for its application-specific integrated circuit (ASIC) chip design. It also just announced another chip product a few weeks ago that can mine two popular cryptocurrencies, Litecoin and Dogecoin, at the same time.

While the simultaneous mining of these two Scrypt-based cryptocurrencies was already doable, the new chip will allow Ebang to sell a new line of mining equipment that management believes is superior to other machines currently on the market.

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