BlockBeats reported on December 18 that Cango, a Shanghai-based automobile trading service platform, purchased US$256 million worth of mining machines from Bitmain as part of its Bitcoin mining transformation. In November, the company reported an output of 393 Bitcoins. Cango is listed on the New York Stock Exchange, and as of Tuesday, its stock price had risen to $6.91 from $3.41 in mid-November, giving it a market capitalization of $500 million.
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