According to BlockBeats, on January 4, CoinDesk reported that Cango, an auto trading service provider, entered the field of Bitcoin mining in November. The company spent $400 million to obtain 50 EH/s of computing power, immediately becoming one of the world's largest miners. Bitcoin's computing power currently hovers at 823 EH/s. Once Cango's 50 EH/s is fully online, it will provide about 6% of the computing power behind Bitcoin. For reference, the world's largest listed miner MARA Holdings (MARA) has a computing power of slightly more than 47 EH/s, and the second largest CleanSpark (CLSK) and Riot Platforms (RIOT) are 32 EH/s and 26 EH/s respectively.
Cango's Senior Communications Director Juliet Ye stated, 'I think this is surprising for people in the (Bitcoin mining) industry, as no one had heard of Cango before, but Cango's history is one of adaptation. Since the company was founded in 2010, we have ventured into different fields at least two to three times.'
Acquiring such a massive Bitcoin mining hash rate isn't cheap. Cango purchased the first batch of 32 EH/s of hash rate from Bitcoin mining machine manufacturer Bitmain for $256 million in cash and will issue $144 million worth of stock for the remaining 18 EH/s.
