CoinVoice has recently learned that automotive trading service provider Cango entered the Bitcoin mining sector in November, investing $400 million to obtain 50 EH/s of power, instantly becoming one of the largest miners in the world. Bitcoin's total hash rate currently hovers around 823 EH/s, and once Cango's 50 EH/s is fully online, it will provide about 6% of the hash rate behind Bitcoin. For reference, the largest publicly listed miner, MARA Holdings (MARA), has slightly over 47 EH/s, while the second-largest, CleanSpark (CLSK), and Riot Platforms (RIOT) have 32 EH/s and 26 EH/s, respectively.
Cango's 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 Cango's history is one 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 power is not cheap. Cango purchased the first batch of 32 EH/s of power from Bitcoin mining manufacturer Bitmain for $256 million in cash and will issue $144 million worth of stock for the remaining 18 EH/s. [Original link]
