BITCOIN - A Chinese automotive services company is emerging as one of the largest Bitcoin miners in the world. Cango Inc., listed on the New York Stock Exchange, made a strategic acquisition that propels it to third place in global hashrate.
According to a press release from November 15, the company acquired 32 EH/s worth of ASIC Antminers from Bitmain, representing about 4% of the total Bitcoin network hashrate, for $256 million.
Additionally, Cango plans to acquire another 18 EH/s from Golden TechGen, a company controlled by former Bitmain CFO Max Hua, bringing its total capacity to 50 EH/s, aligning it with mining company Marathon Digital Holdings. The deal, which will be financed through the issuance of $144 million in common stock, is expected to close by March 31, 2025.