Chinese auto industry smart hardware and transaction services provider Cango has become the third-largest Bitcoin miner in terms of hashrate, according to a report Specified in a company press release.
In late November, Cango released a report announcing the purchase of the latest ASIC hardware from Bitmain with a total computing power of 32 EH/s for $256 million.
The devices are currently located in data centers in the United States. As experts point out, the entire hashrate provide Antminer S19 XP devices from the manufacturer Bitmain.
The company said it plans to add at least 18 EH/s from Golden TechGen Limited in exchange for $144 million in CANG shares over the next few months to strengthen its market position and generate additional profits.
Thus, the total hashrate The company's output will rise to 50 Eh/s. According to available information, the deal should be concluded by the end of March 2025.
In addition, according to the agreement, the owner of Golden TechGen Limited, former Bitmain executive Max Hua, will be able to appoint two members of the board of directors at Cango.
