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China-based Cango made an unexpected move by entering the Bitcoin mining sector with 50 EH/s mining power.
Towards the end of 2024, Cango (CANG), a Chinese company that provides credit to car buyers, drew attention with its entry into the Bitcoin mining sector.
Based in Shanghai and with a market value of 363 million dollars, Cango is in the process of acquiring mining power worth 50 exahashes (EH/s), aiming to become one of the world's largest Bitcoin miners with this step.
Juliet Ye, Communication Director of Cango, stated in an interview with CoinDesk that the company has entered different sectors many times in the past and their entry into mining is also part of this adaptation process.
However, Ye emphasized that acquiring such a large mining power is not easy, saying that they bought the first 32 EH/s mining power from Bitmain for 256 million dollars in cash, and will acquire the remaining 18 EH/s from Golden TechGen.
After this purchase, it was stated that Golden TechGen and other sellers will have approximately 37.8% of Cango.
Bitcoin move has been beneficial in every way
Cango's new investment in Bitcoin mining increased the company's stock price by 362% by the end of 2024, reaching $4.56. Ye noted that this development made the company a broader focus of attention and reported that the company received interest it had never encountered before.
Before entering the Bitcoin mining industry, Cango was exporting cars from China to other countries and investing in an electric vehicle manufacturer called Li Auto. In addition, the company, which is also seeking opportunities in the renewable energy sector, now aims to be a major player in the Bitcoin mining industry.
Yes, he emphasized that Bitcoin mining is an important tool in balancing energy grids and that miners can operate when energy consumption is low.
Bitcoin's total hash rate is currently around 823 EH/s, and Cango will account for about 6% of the total hash power with 50 EH/s. In this case, Cango's mining power will exceed that of MARA Holdings, the largest publicly traded miner.