According to Odaily Planet Daily, car trading service provider Cango entered the field of Bitcoin mining in November, spending US$400 million to obtain 50 EH/s computing power, becoming one of the world's largest miners.
Bitcoin's hashrate is currently 823 EH/s, and Cango's 50 EH/s will account for about 6% after it goes online. MARA Holdings, the world's largest listed miner, has a hashrate of just over 47 EH/s.
Cango’s history is one of adaptation, with at least two or three forays into different sectors since its founding in 2010, said Juliet Ye, Cango’s senior communications director.
Cango purchased the first 32 EH/s of computing power from Bitmain for $256 million in cash and will issue additional shares worth $144 million for the remaining 18 EH/s.
