Cango, a Chinese firm known for auto loans, has made a significant entry into the bitcoin mining industry. The company, valued at $363 million, has invested $400 million to acquire 50 exahashes per second (EH/s) of mining power. This acquisition will make Cango one of the largest bitcoin miners globally once fully operational. The firm paid $256 million in cash for 32 EH/s from Bitmain and will issue $144 million in shares for the remaining 18 EH/s from Golden TechGen and other sellers. This move has already boosted Cango’s stock by over 362% in 2024, ending the year at $4.56 per share. Cango’s mining operations are spread across the U.S., Canada, Paraguay, and Ethiopia, with Bitmain providing operational support. The company mined 363.9 BTC in November, valued at approximately $35 million. With Bitcoin’s hashrate at 823 EH/s, Cango will contribute roughly 6% of the total computing power.
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