Cango Inc., a Chinese automotive services company traded on the NYSE, has quietly emerged as a major player in Bitcoin mining. 🏗🔥
💰Cango purchased 32 EH/s of Antminer ASICs (~4% of the Bitcoin network hashrate) for $256M and plans to acquire 18 EH/s more by March 2025.
With 50 EH/s, Cango would rival MARA, a top Bitcoin miner, in self-mining capacity. 🔨
The company mined 364 $BTC
in November, holding a stash worth $38.76M.
Cango’s shares surged 54% this week and are up 584% YTD! 🚀