Shanghai-based automobile company Cango Inc. has pivoted to Bitcoin mining, investing $256 million to buy 32 EH/s from Bitmain Technologies. In November, Cango mined 363 BTC, worth about $36 million, without selling any assets, putting it among the world's top Bitcoin mining companies.

- Cango is now the fifth-largest publicly traded Bitcoin mining company by actual hashrate and third by deployed hashrate.

- The expansion is supported by strategic acquisitions, with hardware hosted in the United States.

- Despite being banned from mining in China, Chinese mining pools still control the majority of the global hashrate. 🌍

Cango expects to add another 18 EH/s from Golden TechGen, which could bring its total hashrate to 50 EH/s. With BTC price nearing $100,000, Cango's move is considered timely. 🚀