According to Techub News, reported by atlas21, the NYSE-listed Chinese automotive company Cango Inc. (ticker: CANG) has become the third-largest bitcoin mining enterprise. On November 15, the company announced that it acquired ASIC Antminer mining machines with a value of 32 EH/s from Bitmain for $256 million, 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 significant positions in Georgia. In November, Cango mined 363.9 bitcoins, valued at approximately 38.76 million USD at current value.
Following this acquisition, Cango's stock price rose by 75% in the past week and has increased by 692% since the beginning of the year. Cango's market capitalization is approaching 600 million USD.
