Chinese Car Company Cango Buys 32 EH/s from Bitmain, Mines 393 BTC in November
Cango, a Shanghai-based NYSE-listed car dealership platform, invested $256 million to acquire 32 EH/s of Bitmain hashrate, shifting to Bitcoin mining and retaining 393 BTC it produced in November.
- According to a report by Blockspace Media, the company purchased Bitmain’s on-rack miners, keeping Bitmain as the colocation provider. The 32 EH/s hashing power includes active units at Bitmain’s U.S. facilities, likely in Georgia. Under the agreement, Cango will host the ASICs at Bitmain sites for 18 months, allowing facility owners to purchase them.
- Additionally, Cango plans to obtain 18 EH/s from Golden TechGen, a company owned by Max Hua, former CFO at Bitmain, by issuing $144 million in common stock. This would bring its total hashrate to 50 EH/s, matching MARA's self-mining capacity. The deal is expected to close on March 31, 2025.
- According to the firm, Cango has already mined 363.9 BTC (no assets were liquidated so far) in November with a 32 EH/s deployment, making it the fifth-largest public Bitcoin miner by realized hashrate and the third-largest by deployed hashrate, writes The Miner Mag.
- Cango likely procured 50 EH/s of Antminer S19XP models from Bitmain Georgia at a cost of $8 per TH/s, although specific hardware details were not disclosed.
Blockspace Media Article / Archive
The Miner Mag Article / Archive
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