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.
https://atlas21.com/chinese-automotive-company-becomes-the-third-largest-player-in-mining-363-9-bitcoins-mined-in-november/
atlas21 / Atlas21
npub179…kt45f
2024-12-19 22:23:54
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npub179ud6qjecennnypk4ntphmvdrmtvaqlkgd6x7jsrmjr25hfttlmqpkt45fPublished at
2024-12-19 22:23:54Event JSON
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"content": "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.\n\nAccording 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.\n\nAdditionally, 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.\n\nhttps://atlas21.com/chinese-automotive-company-becomes-the-third-largest-player-in-mining-363-9-bitcoins-mined-in-november/",
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