According to CoinDesk, 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. “I think this is surprising to people in the (bitcoin mining) industry because no one has heard of Cango before, but the history of Cango is a history of adaptation. Since the company was founded in 2010, we have at least entered different fields two or three times,” said Juliet Ye, senior communications director of Cango. Acquiring such a large amount of bitcoin mining power is not cheap. Cango purchased the first 32 EH/s of computing power from bitcoin mining machine manufacturer Bitmain for $256 million in cash and will issue $144 million worth of additional shares for the remaining 18 EH/s.

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