According to ChainCatcher, automotive trading service provider Cango entered the Bitcoin mining field in November, investing $400 million to acquire 50 EH/s of computing power, immediately becoming one of the largest miners in the world. The current Bitcoin computing power hovers around 823 EH/s, and once Cango's 50 EH/s is fully online, it will provide about 6% of the computing power behind Bitcoin. For reference, the largest publicly listed miner MARA Holdings (MARA) has slightly over 47 EH/s of computing power, while second-largest CleanSpark (CLSK) and Riot Platforms (RIOT) have 32 EH/s and 26 EH/s, respectively.
Cango Senior Communications Director Juliet Ye stated, "I think this is surprising for people in the (Bitcoin mining) industry because no one had heard of Cango before, but the history of Cango is a history 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 computing power is not cheap. Cango purchased the first batch of 32 EH/s of computing power 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.
