According to Techub News, reported by atlas21, the Chinese automotive company listed on the NYSE, Cango Inc. (ticker: CANG), has become the third-largest bitcoin mining company. The company announced on November 15 that it acquired ASIC Antminer mining machines valued at $256 million, with a total hash rate of 32 EH/s, accounting for about 4% of the total bitcoin network hash rate.
The initial purchases all came from the Antminer S19 XP model, which is currently hosted in facilities managed by Bitmain in the United States, holding a significant position in Georgia. In November, Cango mined 363.9 bitcoins, worth approximately $38.76 million at current value.
Following this acquisition, Cango's stock price has risen by 75% in the past week and has increased by 692% this year. Cango Inc.'s market value is nearing $600 million.
