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Cango, headquartered in China, entered the Bitcoin mining industry with a hashrate of 50 EH/s and initiated an unexpected attack.
At the end of 2024, Cango (CANG) Company started to enter the Bitcoin mining industry and provide car loans for Chinese buyers, which has attracted widespread attention.
Headquartered in Shanghai, Cango, with a market value of 3.63 billion US dollars, is acquiring a mining capacity of 50 exahashes (EH/s), aiming to become one of the world's largest bitcoin miners.
Cango's media director Julie said in an interview with CoinDesk that the company has ventured into different industries many times in the past, and entering the mining field is also part of this adaptation process.
However, Ye emphasized that it is not easy to obtain such a huge mining power. He said that the first batch of 32 EH/s mining power was purchased from Bitmain by paying 256 million US dollars in cash, and the remaining 18 EH/s will be purchased from Golden TechGen.
After this purchase transaction, it is said that Golden TechGen and other sellers will own about 37.8% of Cango.
Bitcoin has been successful in all aspects.
Cango's new Bitcoin mining investment has increased the company's stock price by 362% to $4.56 at the end of 2024. Ye stated that this development has made the company a broader focus of attention and has received unprecedented attention.
Before entering the Bitcoin mining industry, Cango exported cars from China to other countries and invested in an electric vehicle manufacturer called Li Auto. In addition, the company is also looking for opportunities in the renewable energy sector, and now its goal is to become an important participant in the Bitcoin mining industry.
He emphasized the important role of Bitcoin mining in balancing the energy network, and miners can operate when energy consumption is low.
The total hash rate of Bitcoin is currently about 823 EH/s, and Cango will contribute about 6% of the total hash rate with a hash rate of 50 EH/s. Therefore, Cango's mining capacity will exceed that of the largest listed miner, MARA Holdings.